The switch opens up various opportunities to you:
- You can reach a large number of UBS clients with your ISO 20022-compliant software and enable them to migrate their payment systems successfully.
- As part of the migration, all companies will have to review their process and systems landscapes. Above all in the cash- and working capital management areas, we see opportunities for IT service providers who can offer their clients more thanks to the new services.
- With ISO 20022-compliant software you prevent any potential future conflicts with the Federal Act on Combating Money Laundering and Terrorist Financing (GwG).
We recommend a multi-tier approach to harmonizing your software with ISO 20022:
What impact will migration have on your products and services and thus on your clients? What reporting and notification standards are your clients using at present? What requirements do additional software offerings have to meet? What new options are your clients willing and able to add on?
Implementation of ISO 20022
How can you best incorporate the requirements of ISO 20022 into your product development? When and with what software releases do you want to implement particular adjustments for particular clients? Does your release planning correspond with the migration plan of the Swiss financial center?
How can your software products be tested? For you and your UBS clients the simplest way to do this is via the UBS validation platform.
Roll-out and support
When and how will you inform your partners and clients? How should the roll-out proceed? How will you manage potential support inquiries?
If you address these questions in good time, you’ll be better equipped for the migration of Swiss payment transactions to ISO 20022.