Query: How ISO 20022 will impact on banks?
Context: The migration to ISO 20022 will affect most banking processes, from know-your-customer checks and electronic banking to liquidity management and reporting. Given the financial standard's far-reaching impact, each bank’s success will depend on its strategy and commitment to change. Although banks need to invest considerable time and resources into the migration process, the transition enables a whole new level of efficiency and cost-effectiveness.