By 2025, ISO 20022 will be the standard for high-value payments systems of all reserve currencies. It will also support 80 % of transaction volumes and 87 % of transaction value worldwide by 2025. ISO 20022 is a worldwide financial messaging standard for financial institutions. Although it has many obvious benefits: ✅ More structured enriched financial data ✅ Efficient data collection and robust analytics ✅ Enables automation ✅ More flexibility ✅ More room for innovation at a global scale ✅ More resilient by the ability to reroute messages ✅ Improved compliance and regulation, It also brings many challenges for banking and fintech: – Mapping older systems to the new standard – Addressing the differences in specifications for different market infrastructures – Upgrading/changing old legacy systems – Absence of detailed timelines for banks to start using ISO 20022