Here’s how ISO 20022 adoption impacted DBS Bank

It reportedly improved payments processing and regulatory compliance.

DBS’ was able to automate payment journeys and improve its straight-through processing with its adoption of ISO 20022.

“Our compliance teams benefit from the clarity and structure of ISO 20022 messages because they make it easier to implement more robust controls in sanctions screening and other critical areas,” Tesy Mathew, managing director and group head of cash product management told Swift.

The structured format of ISO 20022 messages has reportedly streamlined the bank’s processing of payments, leading to fewer manual interventions.

“Since adopting more structured MX messages, we’ve seen a sustained reduction in requests for information and repairs,” Mathew said.

Mathew expects more automation in DBS’ systems, saying that ISO 20022 enables the bank to better align their screening processes with global regulatory requirements.  

In the longer term, DBS expects ISO 20022 data to support its development of new payments and operational efficiency solutions, as well as in areas such as AI and blockchain.