Thursday, 18 July, 2024
12:30 pm EDT

Encouraging ISO 20022 adoption in the US

In partnership with

Why attend

As the major US payment networks switch to ISO 20022 formatted payment transactions, banks are undertaking the necessary implementation projects. Following the respective implementation plans, adhering to specifications and ultimately ensuring to be compliant with ISO 20022 by the anticipated migration date.

Instead of elaborating on the implementation, this session aims to explore the benefits at the end of the journey.

During the webinar panel discussion, we will explore the value proposition of ISO 20022 in general, dive into the advantages for corporate clients and look into the reuse of structured data from the invoice to automate payments.

Last year, the Fed together with the Business Payment Coalition, launched a pilot to introduce structured data along the trade cycle. We will discuss the work of Fed and the Business Payment Coalition in the context of the E-remittance Exchange Pilot, ambitions and purpose, what conclusions have been drawn, what are the next steps and how this encourages the adoption of ISO 20022. What roles can banks play in enabling e-remittance and structured payments for their clients?

From a bank’s perspective we will explore plans to capitalise on rich and structured ISO data. The end-state of the E-invoice exchange pilot, how it would look like and what the client expectation is on ISO20022 payments.

We will deep dive into the role of structured data elements in the corporate trade cycle, what challenges we can anticipate and how we can prepare for the future. We will discuss Opportunities and realizable value for participants, and the role financial institutions can play to enable digitized trade cycles and enable automatic reconciliation for their corporate clients.

The key take-aways

How can banks offer value to their clients based on rich payment information?

How do ISO data elements link up with purchase order and invoice?

What roles can financial institutions play in enabling digitized trade cycles and facilitating automatic reconciliation for their corporate clients?

How can banks capitalize on their investment in ISO 20022?

The webinar panel

Click to view full speaker details

Marcia Klingensmith, CEO | FINTECH CONSULTING

Are you a COO or a Senior Operations Leader at a financial institution feeling unsure about Instant Payments (ex. FedNow and RTP)?

You are not alone. Instant Payments is a powerful new tool to attract and retain customers, and bring new sources of revenue, but understanding the implications can be daunting. That's where I come in.

I can help you confidently navigate this evolving landscape with my proven "Instant Payments in a Box" model. It's a comprehensive approach that focuses on three key areas:

📈 Gain Business Clarity: Uncover the "Why" of Instant Payments: Move beyond the hype and understand the true value proposition of instant payments for your organization.

- Client Attrition Snapshot: Identify potential churn due to lack of instant payment offerings.
- Instant Payments Justifier: Craft a compelling business case to secure internal buy-in for instant payments.

📈 Implementation Confidence: Gain a clear picture of how instant payments will interact with your existing systems and infrastructure.

- Systems Integration Optimizer: Maximize the use of your existing systems and find an affordable path to instant payments integration.
- Fraud Risk Minimizer: Implement robust fraud prevention strategies without sacrificing customer experience.

📈 Stakeholder Support: Build strong internal and external buy-in for a smooth and successful implementation.

- Team Enablement System: Empower your team with the knowledge and skills to champion instant payments internally.
- Client Success Maximizer: Develop strategies to attract and retain customers and businesses seeking instant payment solutions.

Take control of your Instant Payments journey.

Todd M. Albers, Senior Consultant, Payment System Improvements | FEDERAL RESERVE FINANCIAL SERVICES

Todd joined the Federal Reserve Bank in 2016, where his duties include research and coordinating initiatives with industry stakeholders in B2B payment efficiency, standards, and electronic invoicing. He chairs the Business Payments Coalition (BPC) Leadership Group and was the convener of the BPC e-Invoice work groups and market pilot. He also participates in several international and domestic standard development organizations, including:
• ISO / TC68
• ISO 20022 - Payments Standard Evaluation Group
• OASIS - Universal Business Language (UBL) and Business Document Exchange (BDXR) Technical Committees
• ANSI X9

Todd’s background includes 20+ years in the Financial Services and Technology Industry; where he was responsible for strategy and new product development for products including electronic accounts payable (EAP), electronic invoice presentment and payments (EIPP), commercial credit cards, and expense report management solutions. Also, he has experience in business process reengineering and deploying SAP/ERP solutions supporting the procure-to-pay process in manufacturing.

Madhav Goparaju, Managing Director, GTS Advisory and Solutions | BANK OF AMERICA

Madhav Goparaju is a managing director in the product team for Global Trade & Supply Chain Finance in Global Transaction Services. In his primary role, Madhav leads the digital transformation of the trade & supply chain finance operating model, developing the strategy, and overseeing the design of new products and platforms. A large part of this effort involves collaborating with fintechs, third party providers, consortiums, and other financial institutions to create a pathway towards universal accessibility and adoption of a digital end-to-end experience.

Madhav joined Bank of America in 2019 from McKinsey & Company where he led the North America transaction services practice. Madhav’s consulting experience, which spans seven years, also includes working at Ernst & Young and Capco in roles that supported global financial institutions, private equity, fintechs and technology companies on digital transformation and operating model
transformation. He spent a further ten years at financial institutions such as RBS, ABN Amro and Wells Fargo.

Madhav has a BS in Computer Engineering from the University of Illinois, an MBA from the University of St. Thomas and completed Executive Development Certification from Northwestern Kellogg School of Management.

Thomas Ramadan, Payment Strategy Lead | ORACLE

Thomas Ramadan is the Payment Strategy Lead with the Oracle Financial Services Global Industry Unit. His role is to shape the evolution of Oracle's Banking Payment Module, helping financial institutions to excel in the rapidly changing payments landscape.

Thomas brings with him 30 years of rich experience in the payments industry. Before he joined Oracle, he was heading the EMEA payments market infrastructure and markets team for SWIFT. Thomas has worked in various capacities including Sales, marketing, product management and has engaged with payment leaders across the world.

Watch On Demand

This webinar is in partnership with

Oracle's Finance Modernization for Banking solution empowers the Office of the CFO with a modern, unified solution for accounting, performance, risk, and compliance. Kick-start your finance transformation with Oracle.

Learn More

Anchor 1