How State Street advances its custody operations with ISO 20022
In this testimonial, State Street explains how ISO 20022 supports its custody activities by improving data quality, simplifying client interactions and enabling higher levels of straight‑through processing. They also share how ongoing collaboration with Swift has helped inform both their internal teams and their clients.
How State Street advances its custody operations with ISO 20022
ISO 20022 as a foundation for custody operations
State Street is embedding ISO 20022 across its custody operations to handle payments and securities activity more effectively. Standardising data removes ambiguity and eliminates the need for interpretation, helping transactions move more cleanly through the system and reducing manual intervention.
ISO 20022’s structured data directly supports critical processes such as KYC and enables higher levels of straight‑through processing. By reducing friction and human touchpoints, State Street can manage client and agent‑bank interactions more efficiently.
Working with Swift: staying aligned with industry change
Over the past 2-3 years, State Street has participated in Swift’s quarterly updates to stay ahead of evolving industry expectations. These sessions ensure they fully understand what is changing and how to adapt their operations accordingly.
State Street and Swift collaborate to help clients prepare for the transition. Swift joins State Street’s ‘Office Hours’ sessions, a forum that can bring together 200 to 1,000 clients at once, offering clarity, guidance and direct support.
"Being able to standardise data is fundamentally important because it takes interpretation out of the equation"
What’s next: continuing the journey with ISO 20022
As payments activity increasingly moves through ISO 20022, State Street continues refining its operations to leverage the benefits of structured, standardised data across its custody business.