The April 2024 report positions ISO 20022 as a strategic opportunity for financial institutions beyond compliance with the upcoming FedWire migration. Benefits include greater efficiency, cost savings, data-driven innovation, and new revenue streams. ISO 20022 also supports payment automation, with about 60% of businesses seeking solutions like intelligent payment routing. Despite perceptions, 63% of businesses already use or plan to use ISO 20022 messaging. Success depends on collaborating with vendors who recognize its strategic potential, enabling institutions to enhance services, drive competitive advantage, and meet evolving client demands.

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