Ravi Sharma of UL Solutions on the Complexity of Migrating to the ISO 20022 Standard
By Anton Grant · 15 December 2022
For The Paytech Show, our guest Ravi Sharma, the Business Manager of UL Solutions, discusses the history of financial messaging in the banking world and what the introduction of the ISO 20022 standard means for instant cross-border transactions. Currently, it takes a couple of days for cross-border funds to be cleared by institutions, for Sharma, this is not representative of instant payments - with the new standard customers can be alerted within 24 hours about where their funds are and guarantee of reconciliation.