Payment Transformations #76: ISO 20022 Payment Transparency to Revolutionize Cambodian Transactions featuring J Trust Royal and Bottomline
In a recent discussion, Pecharatham 'Ice' Chaitantipong, the Business Development Manager at Bitkub Capital Group, and Saren Khchav, the Head of Institutional Operations at J Trust Royal Bank, delved into the payments landscape, particularly in Cambodia.
Chaitantipong shared research indicating that a significant pain point for banks is the lack of visibility of payment status. In fact, 35% of banks are currently facing this issue, according to his findings.
This lack of transparency, Chaitantipong explained, can lead to inefficiencies and delays in cross-border transactions. However, his research suggests that the implementation of ISO 20022 could help alleviate this problem.
ISO 20022 is a global messaging standard for financial services, designed to improve the efficiency and transparency of financial transactions. Chaitantipong's research does not only touch upon the benefits of this standard but also delves into the work during the coexistence period.
During the current coexistence period, banks are transitioning from their current messaging standards to ISO 20022. Chaitantipong explored the work being done during this period in relation to ISO 20022 implementation.
Khchav, too, believes that greater clarity in screening and the increase in structured data will revolutionize cross-border payments. He emphasized that the increase in structured data, facilitated by ISO 20022, will help send money more safely.
Chaitantipong's research provides valuable insights into the challenges banks face and the potential solutions offered by ISO 20022. The work being done during the coexistence period is a part of the broader discussion on ISO 20022 implementation, and this conversation underscores its importance in improving the efficiency and transparency of cross-border payments.
