Standard Chartered Unveils Whitepaper to Revolutionize Cash Reconciliation with ISO 20022 XML

Standard Chartered Unveils Whitepaper to Revolutionize Cash Reconciliation with ISO 20022 XML

(IN BRIEF) Standard Chartered, in partnership with Zanders, has released a whitepaper that serves as a blueprint for achieving frictionless cash reconciliation and allocation through the adoption of ISO 20022 XML. The whitepaper explores how this data-rich messaging standard can resolve inefficiencies in cross-border transactions by providing more structured and comprehensive payment data, which supports near real-time settlement and minimizes the need for manual processes. It further explains that this enhanced data structure paves the way for advanced analytics, enabling treasurers to better predict cash flow, manage liquidity, and mitigate risks. Insights from senior decision-makers are incorporated to guide corporates and financial institutions as they navigate the transition to ISO 20022 and develop their treasury and banking technology strategies. The whitepaper underscores the significance of ISO 20022 in creating an innovation ecosystem that can leverage AI and machine learning for improved operational resilience and strategic planning.

(PRESS RELEASE) SINGAPORE, 19-Mar-2025 — /EuropaWire/ — Standard Chartered (LON: STAN), a leading international banking group, has unveiled a new whitepaper, “Frictionless reconciliation and allocation of cash: Can the adoption of ISO 20022 XML turn this dream into reality?“, developed in collaboration with Zanders. This comprehensive document lays out a roadmap for achieving seamless cash reconciliation and allocation by harnessing the power of ISO 20022 XML—a messaging standard designed to streamline these financial processes. The whitepaper delves into how this standard can effectively tackle inefficiencies and complexities encountered by corporates and financial institutions, particularly in cross-border transactions.

By adopting ISO 20022 XML, institutions can embed richer, more structured data into payment messages, which in turn improves visibility into payment details and accelerates settlement times. This increased data granularity facilitates automation and reduces the need for manual intervention, ultimately enabling near real-time, cross-border wholesale payments. Moreover, the structured data forms a solid foundation for advanced analytics, empowering treasurers with the insights necessary to forecast cash flow trends, manage liquidity, and mitigate risks—providing a significant competitive edge.

The whitepaper also features commentary from senior industry leaders and examines the critical factors that corporates and banks must consider when crafting their treasury and banking technology strategies. In doing so, it highlights how high-quality, organized data can fuel innovations in artificial intelligence and machine learning, allowing these technologies to detect patterns, predict outcomes, and suggest actionable strategies. This, in turn, helps organizations become more agile and better prepared for future challenges.

Mahesh Kini, Global Head of Cash Management at Standard Chartered, commented, “ISO 20022 provides a data-rich foundation that reduces payments friction and enhances the interoperability of systems for seamless cross-border transactions. The migration to ISO 20022 is critical for us at Standard Chartered as it creates an innovation ecosystem that enables us to swiftly respond to our clients’ rapidly changing expectations. As we continue our steady progress with the migration, we are excited to share this whitepaper which outlines how adopting this standard can overcome current challenges in account receivable reconciliation and cash allocation.”

For additional details, please visit Standard Chartered’s ISO 20022 page at https://www.sc.com/en/corporate-investment-banking/iso-20022/#isopaper.

For further information please contact:

Josephine Wong
Group Media Relations
Standard Chartered
SOURCE: Standard Chartered