Truist is looking to leverage cloud capabilities through the adoption of new bank messaging standards and data analytics.
With the impending adoption of ISO 20022 — an open global standard for sending digital payment messages and data between financial institutions (FIs) — cloud developers will be able to take advantage of the data that will result from improved information-sharing, Bryce Elliott, chief information officer for wholesale and enterprise payments technology at $532 billion Truist Bank, said recently during the panel discussion “In the Air: How to Develop for the Cloud in Order to Enable Cloud Technology Strategy” at Bank Automation Summit Fall 2022 in Seattle.
Truist plans to differentiate itself by leveraging ISO 20022 to improve the speed of data-sharing within its cloud, Elliott said.
“I think data analytics in the cloud is probably the next big thing, and what you can do with it and the speed in which you can make those decisions to make a competitive advantage would be my next surprise,” he said.
The Federal Reserve and financial messaging network provider SWIFT have committed to adopting ISO 20022 by 2025. The Fed originally planned for a November adoption but pushed the deadline to March 2025 to facilitate the implementation of the real-time payments service FedNow.
