Banks face 2027 ISO 20022 E&I deadline

Banks have until 2027 to move exceptions and investigations (E&I) processing to ISO 20022. Readiness across the industry is uneven: some institutions have launched multi-year programs that align payments operations, core systems and data governance, while others are making isolated upgrades to individual systems.

A webinar hosted by RedCompass Labs will examine bank preparedness for the ISO 20022 E&I changes. Panel participants include Pratiksha Pathak, head of payments at RedCompass Labs; Bobi Shields-Farrelly, senior vice president and head of payments operations at PNC; and Scott Hamilton, a global payments and liquidity expert serving as moderator. The session will cover which firms are ready, which initiatives have started, when work must be completed and where risks may emerge if firms act independently.

Banks that have begun coordinated programs are mapping internal workflows, updating middleware and payment engines, and strengthening data governance. These firms expect to use ISO 20022’s structured message formats and richer, standardized fields to identify exceptions faster across correspondent networks, reduce manual case handling and shorten resolution times.

Other banks remain in planning stages or are implementing tactical fixes to specific platforms. Those approaches leave overall readiness fragmented and increase the risk of inconsistent message handling and data formatting across counterparties. Industry participants say independently implemented changes can raise integration work with correspondent banks, create duplicate operations and add operational costs during the transition.

The panel will also address regional differences in uptake, comparing how institutions in Europe, North America and other markets are approaching timelines and technical requirements. The discussion will consider whether local regulatory or technical demands are shaping different implementation choices.

Panelists will discuss measurable indicators of success, including exception resolution times, volumes of manual case handling and reconciliation failures between correspondents. The webinar will outline practical steps such as mapping internal processes, aligning data fields with partners and prioritizing integration and governance work to support consistent data handling.

With the 2027 deadline approaching, organizers and industry experts recommend that banks assess program status, define concrete readiness measures and prioritize work that supports consistent message handling across correspondent chains. The webinar intends to highlight risks and next steps so firms can evaluate whether current plans meet the timeline.