Standard Chartered has introduced a whitepaper titled ‘Frictionless reconciliation and allocation of cash: Can the adoption of ISO 20022 XML turn this dream into reality?’. Created in collaboration with Zanders, the document aims to support corporates and financial institutions in adopting ISO 20022, a messaging format designed to streamline account receivable reconciliation and cash allocation processes.
The whitepaper emphasizes how ISO 20022 XML can address inefficiencies in cross-border transactions by offering richer, structured data. This advancement could lead to enhanced visibility of payment details, further automation, and faster payment settlements, minimizing manual intervention from banks.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, stated: “ISO 20022 provides a data-rich foundation that reduces payments friction and enhances the interoperability of systems for seamless cross-border transactions.” He added that migrating to ISO 20022 is crucial for Standard Chartered as it fosters an innovation ecosystem responsive to client needs.
The document also explores how organized datasets can facilitate technologies like artificial intelligence and machine learning. These technologies could help corporates predict outcomes and develop strategies for better resilience and adaptability.
For more information on the whitepaper or about ISO 20022 at Standard Chartered, interested parties are encouraged to visit their website or contact Josephine Wong from Group Media Relations.