With the first phase of
ISO 20022 set to begin in March 2023, the payments industry may well be entering an entirely new era. Did you know that:
- Nearly 60% of corporations rate digital transformation as a key priority1
- Global payment revenue is expected to hit $2.9 trillion by 20302
- Organizations can lose as much as 5% of their customers due to failed or delayed payments3
- The average global straight-through processing rate is as low as 26%, leaving lots of room for improvement4
- Nearly 1/4 of delays or failures are due to issues with bank beneficiary name and address details5
- $12 is the average fee for each rejected or repaired payment6