In our guest blog on Volante Technologies website, RedCompass Labs' Head of Payments Strategy, Julie Guetta, discusses the implications of banks' migration process from the MT payment message standard to the ISO 20022 format on the unbanked people.
Migration is considered one of the biggest changes undertaken by the financial service industry and requires a significant investment and detailed planning to meet the deadlines set by the various regulators. However, it can also enable banks to use their data analytics to create more inclusive and profitable banking ecosystems. Will they recognise and seize this opportunity?