The change in the payments industry is in over-drive, and its pace of change is ever increasing. From digital disruption and the race to innovate, the payments industry is driving to meet ever expanding customer demands, adapt to evolving regulatory requirements, while safe-guarding against increasingly sophisticated cyber-attacks. The conversion to ISO 20022 for a single language for payments is the biggest global change in 30-40 years and provides the first end-to-end standard across multiple domains and organizations. This change will create opportunities for new services and products that will define the future of moving money, transferring information and evolving customer behaviors. With the payments industry undergoing rapid transformational change and innovation, one of the top challenges for the financial industry is data security. Cyber-attacks are becoming increasingly sophisticated and persistent in the financial community. In order to preserve the value being generated by the transformation of the payments ecosystem, it is imperative for organizations to protect the authentication, integrity, and confidentiality of the transactions and the underlying technology platforms. To that end, SWIFT has implemented the Customer Security Program (CSP) to support customers in the fight against cyber fraud. The CSP is comprised of three over-arching objectives and eight principles that define the control framework SWIFT has mandated for its members.
The webcast will focus on the following:
- Understanding the trends in the payment industry
- What is the timeline for the mandated conversion to ISO 22022
- What are the organizational impacts of the transformation
- Identifying the implications to your SWIFT platform, and;
- Understanding the evolving nature of the SWIFT Customer Security Program and its implications