Admin DEVLHON, Author at DEVLHON Consulting

1Mar2024

The Challenges of Adopting ISO 20022

Introduction

The banking industry is buzzing with discussions about ISO 20022, a global standardization initiative already underway. But what exactly is ISO 20022, and what could its implications be for trade finance? Let’s explore its implications and what banks should do to prepare.

What is the ISO 20022 standard?

ISO 20022, defined by the International Organization for Standardization (ISO), offers a unified approach to financial messaging standards, promising richer and structured data compared to previous formats such as MT. Swift, a major provider of financial messaging services, is transitioning to ISO 20022 for cross-border payments and reporting by November 2025.

Its impact on trade finance

In trade finance, where there’s a growing demand for digitization and transparency, ISO 20022 could bring several benefits, including increased data granularity, improved accuracy, and streamlined operations. For example, structured data could aid in compliance checks and automate transaction verifications, resulting in cost savings and enhanced efficiency.

However, the transition to ISO 20022 poses challenges. The trade finance ecosystem is complex, largely reliant on paper-based processes and involving multiple stakeholders. Ensuring that standards address these nuances requires industry-wide commitment and careful consideration.

Additionally, migration incurs significant costs, including adjustments to systems, enhancements to data and business logic, as well as changes to client interfaces. While the exact amount of expenditure remains uncertain, it’s clear that the investment could lead to more efficient trade finance operations in the long run.

Banks need to take immediate steps to meet upcoming migration deadlines to ISO 20022 in payment and treasury management messages. Furthermore, they should prepare for potential adoption of ISO 20022 in trade finance messages by incorporating flexibility and modern architecture into their systems.

Closing thoughts

Ultimately, even if the adoption of ISO 20022 in trade finance doesn’t happen immediately, banks must remain proactive in upgrading their systems to stay competitive in an evolving landscape.

Source: https://www.tradefinanceglobal.com/posts/trade-finance-and-iso-20022-a-matter-of-when-not-if/

Tags:banque, norme ISO 20022, Tradefinance

27Feb2024

Partnership with the Whitaker Peace and Development Initiative

Posted By: Admin DEVLHON

Devlhon Consulting is proud to announce its collaboration with the “Whitaker Peace and Development Initiative” (WPDI), an association founded by the famous American actor Forest Whitaker.

What are WPDI’s missions?

WPDI works in regions of the world where there is conflict, armed violence or exclusion. It mobilises young people and women to help them become peace mediators, entrepreneurs and community players. Their aim is to foster sustainable development and peace by supporting these young leaders in their training in reconciliation, conflict mediation, entrepreneurship and information and communication technologies. They also strengthen communities by encouraging social innovation, the development of businesses run by young people and women, and other projects aimed at overcoming local challenges. They promote a culture of peace by spreading the values of dialogue, tolerance and inclusion, while raising awareness of global injustices.
In France, the association is based in Aubervilliers, 55 avenue Jean Jaurès.

Our partnership at the Forum “Emploi & Entrepreneuriat au féminin et à l’inclusion pour toutes” (Employment and Entrepreneurship Forum for Women and Inclusion for All)

The Forum Emploi & Entrepreneuriat au féminin et à l’inclusion pour toutes, organised by WPDI France, the City of Saint-Ouen and France Active Métropole, was held on Tuesday 5 December at the Serre Wangari in Saint-Ouen-sur-Seine. The event was an opportunity for participants to discover and celebrate initiatives to promote female entrepreneurship and inclusion in the world of work.

The various activities on offer gave participants the opportunity to take part in round-table discussions on the challenges and opportunities associated with female entrepreneurship and inclusion in the workplace. The awards ceremony for the finalists in the WPDI pitch competition was a highlight of the event, highlighting the innovation and talent of the women entrepreneurs taking part.

As part of our contribution, two members of the jury from DEVLHON Consulting, Jean-Pierre ROCHETTE and Patrick VERNET (see photo), were present. They contributed their expertise and support to the entire event.