A Federal Reserve Bank of Atlanta blog reports that a recent panel discussion titled, "Overrated vs. Underrated Topics in Payments" included lively debate over crypto use cases, instant payments, and AI, but what was particularly attention-getting was when a panelist said ISO 20022 was, in their opinion, the most underrated topic of 2024—and going forward, of 2025. Their rationale was that banks were losing potential revenue to competitors while continuing to pay for inefficient legacy systems ultimately leaving money on the table. Why are banks slow to implement the new global standard, and what does this mean for global payments?

ISO 20022 allows banks and business to send and receive payment messages in a standard format with tons of data. The structure also provides the added ability to automate. For example, if a payment involves a high-risk jurisdiction or an entity on a sanctions list, the data in an ISO 20022 message can trigger a compliance check. Rather than manual reviews, financial institutions can leverage AI and analytics to assess the risk level instantly, improving fraud detection.

Click Read More below to read the complete article from the Federal Reserve Bank of Atlanta Take on Payments blog.

Don't miss our related podcast episode on ISO 20022 Wire Migration Readiness!