How a Tier One bank got ISO 20022 ready in six weeks

One of Canada’s biggest banks had a tough job ahead: move to ISO 20022, update legacy systems, and manage a major change across the entire business.

Because it runs a wide range of services in Canada and overseas, the bank saw ISO 20022 as a chance to deliver more value to its customers. Here’s how our FastStart framework helped.

The Challenge

Migrating to ISO 20022 is complex. The bank relied on legacy systems—some more than 20 years old—that needed major upgrades. Gaps in knowledge across teams made things harder.

To move forward without disrupting day-to-day operations, the bank needed to understand the full impact of ISO 20022 on its people, processes, and technology.

The Solution

The bank brought in RedCompass Labs and used the FastStart framework—a structured way to get ready for ISO 20022.

In just six weeks, we helped the bank:

• Quickly assess how ready it was across systems, teams, and customer touchpoints

• Spot important data flows and dependencies affected by ISO 20022

• Build a clear and practical roadmap aligned with regulatory deadlines

With this in place, the bank had a full enterprise-wide plan, knew where the biggest gaps were, and could move forward with confidence.

Key points

1. Change management

One of the biggest insights was how much change management was needed. Many teams were used to the old MT messages, so moving to ISO 20022’s richer data format meant retraining and better communication across departments.

The assessment also revealed hidden issues—for example, reporting functions in unexpected parts of the business—that could have been missed without a full view.

2. A Strategic Choice: No Translators

While many banks used file translators to convert old formats to the new one, this bank took a different approach. It procured a modern payment system that supports ISO 20022 natively.

This created a cleaner, more future-ready setup and avoided the long-term risks and costs that often come with short-term fixes.

3. The Problem with Quick Fixes

The bank warned that using translators without fully understanding how all systems are connected can cause data loss, higher vendor costs, and operational risk. As ISO 20022 keeps evolving after 2025, a patchwork approach could fall apart. Taking the time to get it right was key to protecting customers and long-term operations.

What’s Next?

Now that the foundation is in place, the bank is focusing on real use cases that bring value to its clients. It’s continuing to refine its roadmap so it stays ahead in payments modernization.

Need help with ISO 20022?

Speak to RedCompass Labs. For more than 15 years, we’ve been helping banks like yours get ISO 20022 ready. Bringing in outside experts can speed things up and lower the risk.

We’ll help you with the CBPR+ migration and beyond.

Our advice: Don’t overlook the human side. Technology matters. But managing change across teams is just as important.

If you want to learn more, we’ve published a range of support materials to help you on your ISO 20022 journey. You can access them all here.