With the forthcoming introduction of the core corporate-to-bank and bank-to-corporate messages from the ISO 2019 maintenance release, three industry experts share some important insights around the recommended mindset change for banks in supporting this new XML version that will become the new de facto standard. They also look at how banks can help the corporate community to see a compelling business case around this shift.
To some, the CGI-MP[1] (Common Global Implementation-Market Practice) Group is just another acronym in the financial sector that was around during the early days of the ISO 20022 XML messaging standard.
Formed in October 2009 as a logical evolution of the earlier CSTP (Corporate Straight Through Processing) Bank Group [2], the CGI-MP objective was crystal clear: “A corporate can use the same message structure for all their payments with all of their transaction banks reaching any payment system across the globe”.
Today, the CGI-MP comprises 350 members including banks, bank associations, corporates, corporate associations, consultants, fintechs, software vendors, clearing associations, and market infrastructures with Swift Standards having an integral support role. Importantly, the CGI-MP has continued to play a proactive part in the evolution and adoption of ISO 20022.
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