and cash positions often involves considerable manual matching and investigation. adding relevant references and invoice numbers in a structured format in the payment message itself could considerably improve end - users'own processing and reduce their costs of doing business. the iso 20022 messages need to be cultivated by a range of players. a number of key financial market infrastructures are scheduled to migrate to iso 20022 messaging in the next couple of years and support for the old'mt'standard for cross - border interbank messaging in swift is scheduled to end in november 2025. many financial institutions, though able to send and receive iso 20022 messages, have not yet made their core banking systems fully iso 20022 - compatible, which limits the data they can use and send. this disparity prevents the industry fully unlocking all of the benefits of iso 20022, and from passing those benefits on to their own customers. it is important that payment service providers continue to invest in their internal systems over the coming years. corporates may need to invest in their own systems to realise the benefits. there are many iso 20022 - compatible solutions provided by vendors ; indeed, we have been told by some corporates that they are iso ready and waiting on their payment services providers to provide a compatible interface. and all organisations will need to update their systems to the latest standards, and continue to do so as the standard evolves. i hope that my remarks coupled with the great proposals in the ideathon have demonstrated the importance and potential of iso 20022. to reap the benefits there is a role for a wide range of players from financial market infrastructures such as the bank, to financial institutions initiating, receiving and passing on payments, to corporates interfacing with their payment providers, to vendors and enterprise resource planning ('erp') providers facilitating payments and back - office systems. let me plant these ideas with you : 1. iso 20022 can bring many benefits your organisation. do you understand them, and what are you doing to place iso 20022 in your longer - term data strategy? 2. harmonisation is key to success. how can your organisation collaborate to support this? this could be through implementing iso 20022 payment messaging, driving iso 20022 improvements through harmonised procedures for remittance. 3. iso 20022 is not just a financial institution concern. the benefits extend to end users including corporates and smes. 4 / 5 bis - central bankers'speeches iso 20022 should not

are a first line of defence : in times of stress they can buy time, and where organisations are solvent they can help to prevent liquidity problems turning into solvency ones. i will return to this later. but besides regulation, the public authorities — specifically central banks — have a crucial role as the ultimate providers of liquidity. they therefore need to ensure that they are properly equipped to carry out this function. avoiding or resolving liquidity problems is not just a matter of ensuring adequate aggregate liquidity ; it also means ensuring that liquidity can be, and is, distributed effectively round the system. this was illustrated by the events of 9 / 11, when the us money market was temporarily unable to distribute liquidity to the banks that needed it. on that occasion, for example, the federal reserve injected considerable liquidity, more than $ 100bn, via a combination of daylight overdrafts, discount window lending, and general market support. 9 / 11 also highlighted the importance of central banks being able to lend directly to solvent institutions facing a liquidity crisis. under stressed conditions, and with the associated uncertainties, attempts by a perfectly sound bank to borrow unusually large amounts from the market, even against good quality collateral, have the potential to raise, or exacerbate, doubts about that bank ’ s solvency. but a solvent bank that is in need of liquidity can safely reveal its need to the central bank without precipitating a crisis in market confidence ; uniquely, the latter is not at risk of experiencing a run, and so will not overreact in an effort to protect its own balance sheet. in many countries ‘ automatic ’ direct liquidity provision against pre - defined acceptable collateral is hard - wired into the operational framework for monetary policy implementation through so - called ‘ standing facilities ’. in the uk we are broadening the range of firms to whom we can supply liquidity in this way. this implements bagehot ’ s prescription for mitigating systemic risk, that the central bank should as far as possible make clear in advance its preparedness to provide liquidity in stressed conditions. referring to the central bank, he puts it thus : ‘ the holders of the cash reserve must be ready not only to keep it for their own liabilities, but to advance it most freely for the liabilities of others. they must lend to merchants, to minor bankers, to “ this man and that man ”, whenever the security is good. ’ the picture becomes more