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The payments ecosystem continues to change and evolve rapidly in Indonesia owing to the new initiatives from the Regulator (Bank Indonesia), intense competition from new entrants, and customers; who now expect payments to be instant, frictionless, and account-to-account.
To address these challenges and meet the needs of our clients, Indonesian financial institutions call to adopt a modern, structured, open, and pervasive payment language. That standard language is ISO 20022.
Thursday, 09 June 2022, ECS Fin, SWIFT and PT. Hexaon Business Mitrasindo conducted a Webinar to walk through the ISO20022 adoption program, benefits, and solutions for Indonesia Banking. This webinar was attended by several Banks in Indonesia.
Mr. Solomon Osuoza, Regional Country Director (Western Africa) at SWIFT, set the tone by giving a brief history of ISO 20022 standards and their importance in the payments stream.
The audience learnt about the ISO 20022 story in terms of who is adopting it, drivers of adoption, trends, key benefits, and its relevance to Indonesia.
The audience were also updated on the potential differences between the latest ISO 20022 and the earlier MT standards.
There are multiple reasons for adopting ISO 20022, including:
· More remittance information to improve reconciliation for clients.
· Make payment processing faster with consistent and structured data across the end-to-end payment chain.
· Improve the efficacy of compliance controls with all payment actors identified with granular details.
The 2nd session was handled by Mr. Rajesh Rao, Vice President at ECS Fin Inc., wherein he highlighted the uniqueness and expertise of ECS’ Enterprise-centric payment solutions, IMS, which is designed to support the Indonesian market for the ISO 20022 migration.
Rajesh Rao also explained ECS Fin’ deep involvement and expertise with ISO 20022 and its end-to-end solution to help banks and market infrastructures ease the challenge of adopting ISO 20022 in their organizations.
Below is the summary of business benefits he emphasized:
Through this webinar, both the presenters endeavoured to provide participants with new insights into the importance of ISO 20022 and the challenges/benefits of ISO 20022 for Banks in Indonesia.