Robotic Process Automation (RPA) is a technology that can automate repetitive, manual tasks. For example, RPA bots can fill out forms, send emails or copy data between systems. This makes companies more productive, efficient and reduces costs. RPA bots offer a range of features that simplify the creation and management of automated workflows, including one:
RPA bots are programmes that can interact with the same input and output devices as humans. They can log into applications, enter data, perform calculations and copy data between applications or workflows as needed. RPA bots can also interact with ERP or CRM systems, for example. Many companies see RPA as an opportunity to shift human labour to higher-value tasks that require creativity, decision-making and interpersonal interaction. RPA can be used regardless of industry.
Banks need to be more attentive to current and future developments in the financial markets, given the ever-changing needs and preferences of clients, especially future generations of potential clients.
Basically, every bank must clearly communicate what its core motivation and mission is for the future. Potential customers, especially younger ones, ask themselves how a bank differentiates itself from its competitors, i.e. why their money is better off there than at other, competing institutions. This communication works most effectively through digital visibility on social media or a dedicated website, where this content can be explained simply and the most important values can be underlined. Innovation is needed to meet the demands of this new type of customer with different needs and values. This can only come about if internal structures are changed and diversified in advance. Diversity in organisational structures serves as a driver for change, as many different perspectives are incorporated into the development of new products and services. The composition of diverse teams and their mindset radiates outwards with regard to their integration in products and services and via customer communication, to which a sensitive clientele reacts quickly. Incorrect or insufficient targeting of certain groups (“biases” or “blind spots”) lead to a gradual exodus of those affected. To prevent this, optimal training of employees must be ensured so that such “blind spots” can be detected and addressed in time.
The rapid spread of information via social media means that incidents perceived as negative are punished directly and severely (e.g. through “shitstorms”), from which competitors benefit. For this reason, crisis management has a very high priority. Such potential crises must be clearly defined in advance for employees and backed up with options for action so that they can be recognised early and scandals can be avoided. If the emergency occurs and negative headlines spread quickly, the bank must have defined clear guidelines for damage minimisation and tested them in public communication. For many clients, the image of a financial institution is and remains of high importance, especially in a market environment that is seen by society as rather cool and purely profit-oriented. Protecting this important asset “image” in a targeted manner is therefore of central importance for future success.
Values such as sustainability, environmental protection, a sense of responsibility or human rights are very important to the younger generations. Failure to observe these values and the associated principles can quickly become a criterion for exclusion, e.g. for the GenZ. Accordingly, a clear positioning on these topics and the demonstrable promise to observe and comply with them is essential – especially with regard to the use of capital. The financial sector is one of the most important catalysts for our economy and decides into which sectors more resources will flow. This creates a responsibility to young people to counteract global problems such as climate change. Investing in visualisations of money flows and illustrations of the ultimate value and impact of client funds is a key tool in this regard to attract new capital. It often remains unclear whether one’s money really has the benefit that was promised and makes its desired contribution. In the future, abstract and complex systems must be described more simply and clearly in order to create more transparency. This creates trust, which in turn leads to the emotionalisation of products and services, generates new customers and also binds them in the long term. Combined with the public exchange in forums and discussion groups on online platforms, this trust is further strengthened. The greater tangibility and a more open, human exchange attracts younger generations. Financial houses must see themselves as lifelong learning organisms, constantly striving for improvement through a systematic analysis and reflection of their customer contacts. In the end, the companies that will be successful are those that focus more on their customers, respond more consistently to the needs of their target groups and align their actions with these needs.
Another aspect that is too rarely addressed in discussions around digitalisation in banking is the inclusion of older groups of people, such as the “best agers”. Not only younger customers need to be consistently addressed, but also the older, usually financially stronger generation needs to be retained by the banks by developing customised and target group-oriented offers for them. An example of this are readers that help older people with impaired vision to decipher small characters in contracts. Also, the familiar face-to-face meetings with bank advisors should not be abandoned and completely replaced by purely digital, more impersonal solutions, but should at least still be able to take place via virtual meetings. Excessive automation and digitalisation can be rather off-putting in this demographic group. However, it is important to also educate older client groups about the advantages of modern work and tools, to gradually introduce them to them and to train them.
Only a very small proportion of younger generations, e.g. GenZ, blindly trust their parents when choosing their bank or financial services provider. Banks therefore cannot rest on their past successes and must adapt their customer acquisition strategy. The younger generations, in contrast to the older generations, must be “played” much more frequently and in a more targeted manner. This central requirement to adapt the acquisition strategy is based on a shift in values, triggered by the target groups of the “next generations”, which will become increasingly important in the future. Banks have long been more than just financial institutions and are seen as a central pillar of our society. They are expected to help tackle the problems of tomorrow that many young people are concerned about. These include environmental protection, sustainability or upholding ethical behaviour. The greatest visibility for this is generated in social media. There, these issues are actively discussed and younger generations can better get to know and compare the banks and their specific stance on the respective issues. This increasing transparency is a great opportunity, but it requires interacting more openly and proactively with its target groups. This allows banks to learn more about the specific needs of younger generations and to address them in a more targeted way. By communicating a clear mission that addresses these needs, younger generations can be inspired and won over, but only if the fulfilment of this mission is proven in a sustainable way!
The Hamburg Institute for Management and Economic Research and DEUTSCHLAND TEST evaluated customer ratings and secondary sources on the Internet for the Germany’s Best Sustainability award. The focus was on companies that perceive their customers as particularly responsible in the areas of environment, social responsibility and responsible corporate governance.
In the last two years, syracom has consistently worked on its sustainability strategy and was able to convince with its service portfolio and diverse social activities. An outstanding example is the award of the Golden Lily by the city of Wiesbaden for remarkable social commitment. These successes contributed significantly to the title win. syracom also focuses on sustainability internally – from environmentally friendly business processes to the promotion of a sustainable corporate culture.
“Sustainable thinking is an integral part of syracom’s corporate culture,” comments Joachim Raczek, CEO and founder of syracom, on the prestigious award. “It was a natural step for us to present this topic more strongly on the market. Moreover, it can be observed that more and more customers and business partners are demanding these aspects. They want to know for sure whether their service partners operate sustainably and under fair conditions.”
Responsible corporate governance undoubtedly improves access to customers, talent and business partners. syracom helps companies develop their own sustainability roadmap and manage both sustainability risks and assessments.
More information on syracom’s sustainability consulting can be found here.
The exponential progress of artificial intelligence (AI) opens up new ways to bind customers to a company or brand through excellent service. Not only for providers of consumer goods are the “smarter” digital employees from generation to generation becoming steadily more interesting, but also for financial service providers: customers from all sectors expect personalised, error-free answers in seconds. Currently, service, whether on the phone or in the branch, is too slow and too expensive for them. Opening an account, for example, takes too long, and the annoyance about fees and minimum deposits has increased again since the turnaround in interest rates.
Those who are content to jump on the moving AI train in order not to lose touch will soon be caught up in the competitive pressure. In order to secure or even expand their own market position in the long term, financial providers are well advised to leverage optimisation and innovation potential, for example with the increasingly popular chatbots.
During the Corona pandemic, banks and their customers had to conduct all business at a distance for the first time – in addition to regular account or deposit management, also advice-intensive services such as loans. Financial providers can make a virtue out of this hardship by automatically answering questions that constantly arise around the clock. From the customer’s point of view, too, a chatbot has more to offer than a Q&A, no matter how extensive, but always monologue. That is why more and more banks are developing their own chatbots for websites or apps as alternatives to ChatGPT.
But chatbots can do more than tap efficiency reserves and better inform customers. Their interaction with the audience also provides a wealth of data on interests and buying behaviour. Based on such insights, financial service providers tailor the advice given to individual customers just as precisely as they tailor the product portfolio. And not just sporadically, but continuously: because the AI algorithms learn iteratively from the interaction, they know more and more precisely what the customers want and follow the change in demand. The system does this on its own. Apart from regular monitoring and maintenance, there is no need for any further investment.
Ein professionell gestalteter Chatbot beantwortet Fragen schneller und bequemer als ein seitenlanges Q&A, das die Interessentin aktiv durchforsten muss – ohne Gewähr, dass sie finden wird, was sie sucht. Anders als der Sachbearbeiter am Telefon oder die Beraterin in der Filiale ist der Bot auch außerhalb der Kernarbeitszeit ansprechbar. Zudem lässt er sich skalieren. So trägt er einerseits zur Bindung des Kundenstamms bei, anderseits verschafft er der Bank oder Versicherung einen Wettbewerbsvorteil in der Akquise.
Als digitaler Kollege, Datenquelle und Lernhilfe steht der Chatbot auch dem Personal der Bank oder Versicherung zur Seite. Kundenanliegen, die er nicht abschließend bearbeiten kann, leitet er an den zuständigen Mitarbeiter weiter. Je nach Verlauf des Dialogs sucht er im Hintergrund Produktinfos heraus, die der Mitarbeiter der Kundin anbieten kann, oder weist auf Sicherheitsregeln hin. Überdies helfen Chatbots bei der Bewältigung des Fachkräftemangels.
Entwickler branchenspezifischer KI-Apps weiten deren Funktionsspektrum zügig aus. Bald wird es möglich sein, per Chatbot den Kontostand abzufragen, Geld zu überweisen oder den Verlust der Kreditkarte zu melden.
What does a chatbot have to look like so that users are satisfied with it? What do they particularly value? In addition to hard performance criteria such as response time, scope and relevance of the integrated functions, customers appreciate chatbots that communicate as humanly as possible. Especially because the interaction with the bank is a serious matter, the bot should “think”, be attentive and empathetic.
The bot delivers added value if it does not fob customers off with pre-formulated blanket answers, but recognises individual needs or interests such as impending late payments or savings goals in the dialogue and responds to them with customised tips or offers. This benefits customers and staff alike.
However, data protection must not be neglected in the focus on what is technically feasible. Chatbots are also subject to the obligation to inform according to the GDPR, which means that the user must inform customers about the collection and use of their data before each interaction with the bot. The collection of personal data in particular requires explicit consent. The collection must be limited to such information that is functionally necessary in the currently active context. With legally and technically correct design, the data protection risk of a chatbot corresponds to that of other apps that process customer data.
The development of a customised chatbot is quite an elaborate IT project. The specification of the goals and the scope of functions may seem manageable, but it can escalate when maximum accuracy of fit and differentiation are required. However, the initial machine learning process, the so-called training of the algorithm, takes the longest. It also requires a large amount of data. With a broad customer base, larger financial providers in particular have a good starting point.
For a quick start in the use of a chatbot, Consileon offers a neutral basic framework that can be easily integrated into the user’s system landscape. Our MyPersonalGPT is based on ChatGPT 4.0. Banks and insurers can expand the bot with master data, documents and expertise into an industry- and company-specific multitool. Among other things, MyPersonalGPT helps clerks and advisors to maintain customer contacts, write texts, conduct research and interpret business reports. By carefully selecting the sources the bot accesses, financial service providers provide their staff with information they can blindly rely on.
Every year, the renowned business magazine Handelsblatt selects the Top Consultings in various consulting fields. This year, we are delighted to have been named Top Consultant in 13 categories! This recognition underscores our ongoing commitment and broad expertise, which we use to provide our clients with first-class advisory services.
The survey was conducted by the Handelsblatt Research Institute (HRI). The Handelsblatt explains the survey as follows: HRI identified a peer group of 15,700 management consultants from over 325 consulting firms. They were then asked about the most renowned companies in the respective consulting fields. The top lists created are based on the results of this survey.
The consulting industry is changing and increasingly has a strong focus on the ecological transformation of the economy. According to Handelsblatt, the consulting fields of energy, sustainability and decarbonisation are seeing the highest growth with a 24 per cent increase in turnover in 2022. The need for expertise in these areas is growing and companies are increasingly looking for consultants to help them arm themselves against the energy crisis and other sustainability issues. Especially in the energy sector, different consulting fields are merging, such as the connection between mobility and municipal infrastructure. Topics such as hydrogen and energy storage are in high demand, leading to an increased need for specialised consultants in these areas.
In another article, Handelsblatt points out that at the same time a cultural change is taking place in the consulting industry. The possibility of part-time models is gaining in importance in order to attract sufficient junior staff. Long working days are no longer seen as a status symbol. Some consulting firms already offer part-time options to attract talented candidates. Working hours can be reduced on a part-time basis, but consultants need to remain flexible to meet client demands.
The automotive industry is undergoing a comprehensive transformation. Electric vehicles are replacing combustion engines, the circular economy enables resource recycling, and digitalisation opens up new opportunities. However, this transformation process is significantly influenced by geopolitical conflicts, events of global scope and climate change. In the face of these challenges, companies cannot succeed alone and are therefore dependent on cooperation.
This is where Catena-X comes in – the first collaborative, open data ecosystem for the automotive industry of the future that connects global players in end-to-end value chains.
The idea is to connect car manufacturers, suppliers and service providers along the entire supply chain. For this purpose, Catena-X offers a simple, secure and independent platform for standardised, global data exchange based on European values. The goal is to ensure data sovereignty for all participants.
This represents a sustainable solution for the digitalisation of supply chains, especially for small and medium-sized enterprises, and promotes cooperation and collaboration between market participants and competitors. At the same time, Catena-X and the accompanying change pose major challenges for companies. The demands on their own IT systems and data quality are increasing.
Consileon is a management and IT consultancy with over 20 years of experience in the automotive industry. Over 100 consultants are working on the digital future of the automotive industry, including in the area of operational excellence. As a boutique consultancy with a large network, we can specifically address your needs and problems. Our management, process and IT consultants work hand in hand in interdisciplinary project teams. This is what our clients rely on – and for the long term. We are now bringing this experience into the Catena-X network and helping to shape future standards.
We will be happy to support you in individually assessing how you can benefit from Catena-X. This includes a use case analysis and a readiness check of your IT systems. Furthermore, we will gladly prepare you for a connection to the Catena-X network – from strategy to implementation. We accompany you every step of the way until the final connection.
The future and old-age provision was synonymous with life insurance products in Germany for decades. Times have changed dramatically, however. The Next Gen (Gen Y [1981 to 1996] and Gen Z [1997 to 2012]) has significantly different ideas of provision than the previously dominant core target groups of life insurance (Baby Boomers [1946 to 1964] and Gen X [1965 to 1980]). And life insurance is increasingly competing with other forms of investment, especially investment funds and exchange-traded funds (ETFs).
The life insurance industry must develop new strategies in order to remain successful in the future. Because Gen Y and Gen Z will soon be the generations with the dominant working and purchasing power and are thus a very important and interesting target group for the insurance industry. Existing product offers and address strategies correspond less and less to the consumption pattern of the Next Gen, because they have completely different values and ideas about life than the generations before them. For example, due to sabbaticals, flexible working models (keyword: gig economy) and parental leave, the life courses of the Next Gen are no longer as linear as those of the Baby Boomers and Gen X. Convenience, flexibility, digitalisation, transparency, personalisation and sustainability are of great importance for the Next Gen. These needs must be met by the life insurance industry in order to reach and retain the Next Gen as customers.
In order to be able to address the needs of the Next Gen in a targeted manner, life insurers and their sales organisations must reorganise themselves within the framework of a digitalised and data-supported business model, adapt the product portfolio and modernise the forms of distribution, approach and conclusion. It is about a new customer experience and more proximity to the customer (see also “Closer to the customer”, Versicherungswirtschaft 07.2020, 75th Jg., pp. 24-27). Insurers that score points with the Next Gen will be those that offer customised products and services based on individual customer information and sales access.
From Consileon’s project experience, four central fields of action emerge with which life insurers can reach the Next Gen in the area of pension provision and grow:
Digitalisation and AI-supported data analytics
The Next Gen prefers to interact digitally, which means that the amount and quality of available information and data is increasing significantly. In return, the Next Gen expects individually tailored and personalised product and solution offerings based on this data. For the insurance industry, digitalisation, AI-supported data analytics and customer excellence are crucial for the sales use of the collected data with the Next Gen. In our experience, this is the only way to win the members of the Next Gen as pension customers (see also “The future begins today”, Versicherungswirtschaft 11.2022, 77th Jg., pp. 52-53). A best practice example of this is Zurich Group Germany, which uses data analytics to provide its customers with product offers that are precisely tailored and personalised to their needs.
Important for the digitalisation of touchpoints with the Next Gen is the digital activation of the customer, i.e. obtaining the customer’s declaration of consent (EWE) for digital interaction (also opt-in). This is essential in order to be allowed to communicate digitally with customers (keyword: DSGVO). Project practice at various top 10 insurers shows: a rapid increase in the consent rate can be achieved with consistent implementation management and is not rocket science.
Digital networking of all business and sales processes
To enhance the customer experience of the Next Gen, it is also necessary to further develop the business, service and sales processes. The Next Gen is used to digital forms of consultation and conclusion from other industries and has come to appreciate them for their convenience and flexibility. Therefore, they also expect these digital approaches from life insurers – as well as the possibility to change channels (digital and analogue) depending on the situation.
If insurers want to convince the Next Gen of their pension products, then advice and sales must be flexible and convenient. In concrete terms, comprehensive digital forms of sales and support should be created that are closely and effectively interlinked with the existing analogue forms of sales and support (so-called hybrid support or hybrid sales). Furthermore, processes should be digitalised and automated as much as possible. In this way, the next generation can be served according to their needs without neglecting the existing customer groups. Ergo, for example, has masterfully implemented this with the introduction of the “hybrid business model”.
Automated lead management
The Next Gen expect individualised digital communication combined with personalised pension offers. Insurers can meet this expectation with automated lead management. This involves automatically generated, event-driven and individualised digital messages to customers (e.g. emails or push notifications). These contain a personalised pension offer for the customer (Next Best Offer) based on their individual pension situation in combination with digital closing and response options (callback button, linking to websites, chat, etc.).
With effective lead management, sales can be significantly increased, especially through cross-selling in the customer base. Good examples of best practice are Baloise and Helvetia, which use these tools very successfully to address customers in sales.
Flexible, needs-based and sustainable pension product portfolio
The need for old-age provision and protection against life risks (especially longevity) is also high among the Next Gen. And the importance of private provision is increasing with the growing flexibilisation of work models. In particular, the increasing digitalisation of the world of work and the expansion of the gig economy are giving rise to new forms of work with new pension needs. Furthermore, in addition to sustainable products and price and cost transparency, the Next Gen expects a high degree of flexibility in the savings and payout phase due to the long-term nature of pension contracts.
The insurance industry needs simple, comprehensible pension and investment concepts in which customers can pay in and out flexibly and change the investment structure online independently if necessary. Ideally, the flexibility of funds and ETFs is combined with the security of life insurance. To create transparency, Next Gen members should always be informed online or mobile about the status, development and composition of their pension solution. A small number of insurers already have very promising digital and flexible product offerings on the market. Best practices include Allianz with its flexible and fully digital retirement provision Fourmore and R+V with the AnsparKombi Safe+Smart.
Last, but not least, a comprehensive range of sustainable pension solutions is needed to convince the Next Gen. Without a product portfolio geared towards sustainability and ecologically and socially correct behaviour, life insurers will only realise limited growth with the Next Gen (see also “A greener positioning is not to be had for free”, Versicherungswirtschaft 09.2022, 77th Jg., pp. 84-87). A few insurers have taken up the topic and consistently offer sustainable pension solutions. A pioneer, for example, is Pangaea Life plusrente from Bayerische with its investment in renewable energies and sustainable real estate. Analyses by Consileon show an ever-growing spectrum of impact investing opportunities. These will also have greater relevance in the investment of insurers, in addition to on the customer side.
Life insurers must consistently rethink pension provision and meet the demands of the Next Gen for convenience, flexibility, digitalisation, transparency, personalisation and sustainability. Only then will they be able to maintain and gain market share. The fields of action outlined here are central keys to the success of insurers in the pension market of the future.
Best practice examples show that some insurers are already completely reorienting and redesigning their pension business to create the necessary customer experience. We assume that by 2030 only a small number of life insurers will successfully operate the pension business nationally. Based on Consileon analyses, in addition to the necessary realignment of the business field, the management KPIs for the pension business will also change dynamically.
You can find out more in this month’s article from the insurance industry, which you can download as an offprint here (article is in German).
The Cologne-based consulting firm aye4fin has already supported many companies in developing and introducing innovative financial services and new business models. Now the fintech experts have also supported the HRS subsidiary DS Destination Solutions GmbH in expanding its existing business model with a payment solution.
DS Destination Solutions offers an all-in-one software solution for the online marketing of holiday accommodation. This reduces the administrative effort for hosts to a minimum and maximises booking utilisation. The company, which has been on the market for more than 20 years, has the largest distribution network in the DACH region with more than 150 portals.
In order to further expand the offer to its customers, Destination Solutions has decided to complement its current offer with payment functionalities that process payments between guests, booking portals, agencies and hosts.
Supported by the fintech experts from aye4fin, DS Destination Solutions first outlined the new business model and then gradually rolled out its payment offering.
Based on many years of experience, aye4fin was able to support Destination Solutions in the RFP, the selection and subsequent integration of a suitable payment service provider. The choice fell on the payment service provider Stripe, with whose help Destination Solutions was able to quickly win its first pilot customers.
After the successful technical and procedural integration of the payment system into the existing software offer and based on the positive feedback from the pilot customers, Destination Solutions and aye4fin now want to take the next step. By adding the so-called multi-payout functionality, all partners involved in the process (host, agency, agent and Destination Solutions) should be able to be paid simultaneously and earlier, and accounting processes should be streamlined.
Lars Brinkmann, CTO of DS Destination Solutions says: “Together with the fintech experts at aye4fin, we succeeded in offering our customers further added value through the additional payment offering. aye4fin helped us significantly in adapting complex payment processes to different customer needs and business models.”
Sustainability in the financial sector: hype or hope? This was the topic of the fifth VersicherungswirtschaftCLUB in Karlsruhe. The industry managers are grappling with regulatory measures that are counterproductive in some cases. Above all, however, they offer constructive solutions and send a positive signal that they want to be part of the change to a greener world. According to the top-class panel of experts, companies that do not do so are threatened with extinction.
Alongside Gothaer boss Oliver Schöller and Zurich board member Claudia Max, Ralph Hientzsch, managing partner of Consileon, took part in the fifth VersicherungswirtschaftCLUB in Karlsruhe on the currently very relevant topic of sustainability. His central statement: “A comprehensive strategy that shows the dependencies is missing in the companies” was at the core of the discussion.
This revolved around the noticeable effects of the climate crisis and how insurance companies can make their contribution to a sustainable future. Sustainability, the biggest social transformation of the last 150 years, can only be mastered if the individual points are tied into a clever plan. “Sustainability is a matter for the boss, it must be a CEO task,” emphasised Ralph Hientzsch to the agreement of the other participants. The industry managers, however, are struggling with partly counterproductive regulatory measures. Ralph Hientzsch noted that there is often too much regulatory talk and that the topic diffuses away from the CEO.
Miss Finanz” Katharina Karageorgos knows how sustainability is received by customers: “Many don’t know that you can invest sustainably in many things, such as old-age provision”. Ralph Hientzsch noted in this context that sustainability and returns are not contradictory. “This should encourage us to talk to our customers. Good solutions are “always in demand”, he emphasised. The panel agreed that the intermediaries have a duty here.
The participants also agreed that there is no alternative to sustainability. Insurance companies that “don’t want to afford it” will no longer have a raison d’être in the future, Oliver Schöller emphasised. Ralph Hientzsch made it clear in this context that the cost issue will lead to differentiation in the market. Courageous companies will gain a strategic advantage and get the chance to reposition themselves: “A mega opportunity”.
All in all, the panel provided constructive approaches to solutions and sent a positive signal that the insurance industry is determined to be part of the change to a greener world. Details on the fifth VersicherungswirtschaftCLUB can be found in the current June issue of Versicherungswirtschaft, which you can download here as a special edition (this article is in German).
ISO 20022 is a new message standard for financial transactions that can be used since March 2023. It replaces the old ISO 15022 message standard and other international message formats by November 2025. Its use is intended to help banks, companies and other institutions communicate with each other more uniformly, securely and efficiently, thus significantly reducing processing times for global transactions.
CBPR+ (short for Cross-Border Payments and Reporting) is an initiative launched by SWIFT (short for Society for Worldwide Interbank Financial Telecommunication) to successfully introduce the new ISO 20022 messaging standard to banks and corporates. As an international financial communications network, SWIFT is committed to reducing fraud and errors in payment transactions and improving the efficiency of the payment process through straight-through processing.
The CBPR+ initiative consists of a set of best practices developed by SWIFT to be implemented by participating banks and their customers. These include the use of unique reference numbers, clear communication of payment details and the implementation of systems to detect fraud and errors in payment transactions.
From March 2023, there will be a period of co-existence during which financial institutions can use both ISO 15022 (“MT” messages) and ISO 20022 (“MX” messages) to send and receive financial transaction messages, depending on the “bilateral agreements” with their counterparties. However, all SWIFT participants are expected to migrate to the new standard by November 2025. From then on, only MX messages may be used for payments in foreign currencies. This applies to the following MT message categories:
Even though the new payment traffic standard brings a number of advantages for global transactions, the changeover poses major challenges for small and medium-sized enterprises in particular. Here is an overview of the most important ones:
With the CBPR+ initiative, SWIFT wants to make payment transactions more secure and efficient. However, companies face a number of challenges in implementing this. Consileon supports companies and clearing houses already connected to SWIFT in identifying and overcoming these challenges in order to ultimately benefit from the associated advantages. Consileon’s experts document IT architectures, analyse interfaces and conduct an inventory of processes in order to identify needs for action in internal applications and downstream systems. In addition to specifying the requirements, Consileon can carry out automated tests. Depending on bank and customer requirements, Consileon can also implement a translator that can transform MT and MX messages and vice versa during the co-existence phase.
Are you looking for support in migrating to ISO 20022? Contact us! Our payment traffic experts will be happy to help you.
