US-based cloud payments provider Volante Technologies has extended its partnership with KPMG to develop an ISO 20022 maturity model to help PSPs assess ISO adoption readiness. As per SWIFT data highlighted in the press release, ISO 20022 is expected to comprise 90% of transaction volumes worldwide and 80% of high-value payments by volume in the upcoming four years.

Considered the payments’ language of the future, the messaging standard promises to address long-standing cross-network interoperability issues that have resulted in delays and inefficiencies in the processing of domestic and international payments alike. However, to be able to take advantage of ISO 20022, banks and financial institutions are required to migrate their systems and processes. KPMG – Volante partnership and ISO 20022 maturity model details KPMG and Volante announced their collaboration in 2022, providing institutions with extensive ISO 20022 and real-time payment diagnostics.

The jointly created maturity model helps strengthen the alliance, delivering a survey that helps determine bank readiness to process ISO 20022-based messages and meet the industry mandate. Once the survey is completed, participants receive a personalised report that identifies where they are situated within the ISO adoption journey. What is more, the report includes custom guidance on how the next level of maturity can be achieved and provides the option for individual consultation with Volante and KPMG to help review the insights aggregated from the survey.

Commenting on this, Courtney Trimble, Principal and Global Head of Payments at KPMG stated that ISO 20022 is a turning point and represents the most ‘overarching change’ to have been seen in payments. An organisational-wide impact is expected to be felt across a financial institution’s payments ecosystem, and this needs to be addressed to move to the new standard ahead of the industry mandate. The Volante and KPMG maturity model enables firms to assess the readiness of their payments ecosystem against the new ISO 20022 standard, including their payments platforms, interfacing system, and integration layers.

The spokesperson added that the company is looking forward to building on its partnership with Volante to provide services that assist banks with their ISO 20022 journey. Jim Chow, VP of Partnerships & Business Development, Volante Technologies added that together with KPMG, Volante is providing ISO 20022 benchmarking and custom guidance, helping banks address the change affecting all areas of the payment ecosystem. Per their statement, up to 30-40% of additional contextual data will move alongside transactions as part of the new messaging standard, translating into monetisation opportunities for banks.

The official further said that the maturity model helps financial institutions as they look to adopt the new format and make the most of the additional data in the ISO 20022 message structure. .