Opinion of banks on benefits of migration to ISO 20022 as of 2022, by role in bank
A survey held in September 2022 revealed that varying departments inside banks approached the topic of ISO 20022 differently from one another. Senior executives at banks believed the biggest benefit of switching to ISO 20022 was an increased effort in fighting financial crime. Enthusiasm varied per role, however. Most notably, the department in charge of fighting such crime was the least enthusiastic on this prospect. The source listed another stand-out from this survey: 20 percent of senior bank executives who worked in Strategy believed that the move to ISO 20022 was "necessary" but held "no short-term benefits". ISO 20022 is a new messaging standard for cross-border money transfers between financial systems and/or financial institutions, no matter where they are in the world. Banks have to be fully integrating into this new payment "language" by November 2025 - a process that started in March 2023. This survey predated that process.