Women in Payments Panel Discussion: The New Frontier – ISO 20022 & AI

During the session, the group covered a wide range of topics related to ISO 20022, including its benefits, the challenges of implementing it, lessons learned from its migration, use cases of artificial intelligence (AI) leveraging ISO 20022's rich and structured data, and the importance of data quality throughout the payment chain. The session attracted a significant audience and generated engaging questions.

Key discussions included:

• Challenges in operationalising ISO 20022 and lessons learned: Isabelle shared insights from BNY Mellon's experience with ISO 20022 migration, emphasising the importance of comprehensive testing and training for successful adoption. Amanda provided a fintech and technology provider perspective, while Egle discussed Swift's findings from the broader payments community, given Swift's central role in the ISO 20022 migration and adoption.
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• Use cases of ISO 20022 and AI: Amanda highlighted how ISO 20022 data can be used to combat payment fraud, particularly APP fraud, which has risen with the popularity of instant payments. She explained how the structured data of ISO 20022 can be applied to model solutions for detecting and preventing fraud. Isabelle discussed how structured address data from ISO 20022 serves as an excellent dataset for AI algorithms to combat fraud.‍
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• Case resolution management with ISO 20022 and AI: Egle explained how ISO 20022 data and AI can improve case resolution management, reducing the number of cases and the time required for resolution. She referenced the new Exceptions and Investigations messages introduced for cross-border payments.
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• Understanding the customer base: Amanda emphasised that downstream ISO 20022 data, if used appropriately upstream, can help identify business value. She also noted the importance of collaboration between technical and business teams during ISO 20022 migration and posed a critical question to the audience, asking what a 1% increase in revenue or cost reduction would mean for their banks.

Before concluding, Isabelle highlighted the importance of data quality in the end-to-end payment chain and discussed Swift's "corporate" initiative aimed at improving data quality to support reliable AI.

The session ended with an interactive Q&A with the audience, which added depth to the discussion.

Supriya would like to thank Women in Payments for hosting a well-organised event, the panelists for their valuable contributions, and the audience for their active participation and thought-provoking questions.