New paper from SWIFT discusses how the adoption of globally recognised financial standards can support the Philippines’ ambitions to modernise its financial markets
Manila, April 2016 – A new paper from SWIFT published today highlights the benefits of adopting the financial messaging standard ISO 20022 for the Philippines financial markets, and how to implement ISO 20022 to modernise the Philippines Financial Markets. The paper, entitled ‘Modernising the Philippines Financial Markets through ISO 20022” explains the current Philippines financial market infrastructures landscape and initiatives. It also explains the drivers of adopting ISO 20022, and how the Philippines, one of the fastest growing markets around the world, ambitions to renew its market infrastructures, and can position itself as a regional marketplace with global access and better prepare itself for ASEAN integration with the right infrastructures. Michael Moon, Head of Payments Markets at SWIFT APAC, says: “Markets globally and around the region are implementing new financial messaging standards. Known as ISO 20022, these standards are designed for the digital age. The world is digitising rapidly and this is true in financial services as much as any other industry. So, for example, in interbank payments, securities markets transactions or managing and settling trade processes we are seeing higher demand for the benefits of ISO 20022 such as interoperability, efficiency, additional information and automation.”
“SWIFT has been working closely with the Philippines community as a whole to support its market infrastructure renewal and modernisation,” says Sharon Toh, Head of ASEAN Region at SWIFT. “As the registration authority of ISO 20022, and having delivered over one hundred standards consulting projects worldwide, we are well placed to share expertise and assist the region.”
The paper sets out to address:
Why the Philippines should adopt ISO 20022
Why other markets are adopting ISO 20022
What are the benefits ISO 20022 will bring to the Philippines
What are the challenges for the Philippines to adopt ISO 20022
How to adopt ISO 20022 for the Philippines community
About SWIFT SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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