Financial institutions can look to ISO 20022 standard for payments data to identify patterns in payments and transactions to more easily flag fraud, Jenny Winther, head of payment schemes at Sweden-based Handelsbanken, said today during Volante’s “From mandates to modernization: Payment as a Service strategies for European banks” webinar. 

According to Winther, ISO 20022 data is vast, and banks can combine the use of that data with AI to identify the following payments patterns: 

• Has there been a payment to this account before? 

• Have this recipient and this sender sent payments between each other before? 

• Has there been a recall due to fraud to this account before? 

• Has there been a rejection of this account due to fraud before? 

The adoption of ISO 20022 is underway, and it’s expected that 80% of global, high-value payments by volume and 90% of payments by value will be processed through ISO 20022, according to Integrated Research’s “A Guide to ISO 20022 Migration and Adoption” report. Additionally, 50 countries are expected to replace legacy systems with ISO 20022, especially with the encroaching November 2025 deadline to migrate to the platform in the United Kingdom, EU and United States.  

As ISO 20022 adoption expands globally, it will continue to become richer, making the data an asset that financial institutions can lean on when tracking payments and identifying fraud, even though “it might be seen as a hassle when you have to do it the first time,” Winther said. 

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