that is, effectively, a public ledger of all transactions. And the newcomers often hit the ground running: along comes ApplePay and it becomes an accepted way to move money around from the start. Meanwhile, it still takes days to make a cross-border payment via old routes. Customers are smart, Francis point-
ed out, but they don’t know what hap- pens behind the scenes of their payments. They don’t know where the payments go or what happens to them on the journey. And the fact that the payment moves sep- arately from the data continues to create a lot of reconciliation headaches. On the corporate side, in particular, those head- aches are mounting, with ever more need to see not just whether or not a payment has been made but with a need for real- time transparency around liquidity and cashflow. Will new standards help? Worryingly, Barclays’ project manager, Barry Parker,
‘ISO 20022 already feels out of date.’ Barry Parker, Barclays
suggested ‘ISO 20022 already feels out of date’. Corporates haven’t had much input into it and banks are trying to squeeze diverse remittance formats into the stand- ard. And, anyway, he felt, it will end up implemented in different ways so will become bastardised. And there is no point, he said, in banks being good at one
thing, such as having a great iPad app, but being rubbish behind this. Many banks are struggling with ISO
20022, so too with the back office implica- tions of immediate payments. More layers are being added to legacy infrastructures and this feels light years away from the non-bank world.
conference report: fundtech emea
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