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The Race To ISO 20022 In Europe: A Photo Finish or a Long Wait?

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Celent have reviewed this profile and believe it to be accurate.
27 April 2022

Abstract

While banks in Europe have been using ISO 20022 for SEPA schemes for a decade now, despite what non-European banks may thing, it doesn't mean that it's adoption for TARGET2 is straightforward. Using survey data of banks across Europe, Celent highights just where the industry is, and what actions that it should be taking. History shows that no migration of this magnitude - and including SEPA itself - sees all particiapants being ready. Indeed, examples show us much of the industry won't move until the last minute even if it is ready. With a looming deadline in just 6 months, quite where are banks in their journey, what approaches have they taken and have they done enough to be ready?