Banks scramble to meet new ISO standard.

The global payments industry is undergoing significant digitization, with a focus on real-time transfers, international payments, and the emergence of fintechs. Financial institutions are facing a compliance deadline to adopt the new ISO 20022 messaging standard for cross-border payments, which aims to improve data quality and support rapid processing. However, many banks, especially in the U.S., are lagging behind in implementing this standard, risking potential disruptions in payment processes and missing out on innovation opportunities. Leaders in the industry are grappling with challenges in modernization and skill gaps as they work to meet the new standard and keep up with advancements in digital finance. [Extracted from the article]