ISO 20022 November deadline puts structured fields in focus, Bottomline says

Financial institutions face a November deadline for structured fields under the broader ISO 20022 programme, with Bottomline identifying the requirement as a central operational priority. Speaking to FinextraTV at EBAday in Copenhagen, Edward Ireland, product director at Bottomline, said the deadline forms part of what he called the “ongoing ISO 20022 story”.

Ireland described the work as a continuing struggle for organisations adapting to the messaging standard. He said firms are being asked to provide a greater level of detail than before, creating a fresh set of challenges as the programme advances from year to year.

The focus on structured fields matters because ISO 20022 implementation is not a single cutover for many institutions. According to Ireland, each stage adds new expectations around the way information is captured and exchanged. The November milestone therefore sits within a longer sequence of operational changes rather than a stand-alone compliance event.

Ireland said structured fields are a critical priority within the wider ISO 20022 effort. The requirement raises the importance of data quality and completeness, because organisations need to supply more specific information in the relevant fields than they may have done under earlier formats.

FinextraTV reported that Ireland also pointed to a gap in confidence between banks and their customers. He said banking customers appear more doubtful and uncertain about the industry’s ability to meet the November deadline than the banks themselves.

That difference in perception is relevant for institutions handling payment operations, client communication and implementation planning. A bank may assess its own readiness through internal delivery plans, while customers judge preparedness through the information, testing and assurance they receive from their providers.

Ireland also discussed changes relating to Exceptions and Investigations, according to FinextraTV. These processes concern how payment issues are identified, queried and resolved when transactions do not proceed as expected or require additional handling.

The comments underline that ISO 20022 work continues to extend beyond message migration. For banks, technology vendors and corporate users, the November deadline places attention on the detail of payment data, the confidence of customers and the operational processes used when transactions require follow-up.

This story draws on original reporting from Finextra.