Bank of Cyprus has made the leap to ISO 20022
Bank of Cyprus successfully adopted ISO 20022 through a strategic and methodical approach, beginning with a system analysis in 2020. They mapped affected applications and explored options like upgrades, middleware, and hybrid solutions for smooth migration. Cross-functional teams from IT, compliance, and operations collaborated early to address concerns, particularly around longer reference fields.
Their success provides a blueprint for other institutions, highlighting the importance of preparation, vendor collaboration, and resource utilization.
Read the article to see how they did it.