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Standards Upgrades

The rate of change in the financial world has never been faster – and will never be this slow again.

Keeping up with the rate of change can be difficult, even for the biggest financial organisations. To help you adapt to new global standards, RedCompass Labs is here to help.

The new global messaging standard

From November 2025, SWIFT will update its global messaging standards to align with ISO 20022.

This means that all banks, payment services providers (PSPs) and financial institutions will need to update their own messaging standards to align with ISO 20022 as well. The standard will need to be reflected across all messaging, regardless of the communication channel, and will include APIs.

Find out more about ISO 20022

Upgrade or outsource?

One question you may ask is whether to upgrade your standards internally, or outsource your payment platform to a third party.

Outsourcing your payments programme may prove more time and cost-effective, giving you access to a robust, cloud-based payments server that comes with security, regulation and compliance build-in. These platforms are known as Payments as a Service (PaaS) and integrate directly into your payments programme to enable everything from Instant Payments to Open Banking.

Get ready for an interoperable future

The next generation of payments will be fully interoperable. With ISO 20022 and Open Banking allowing banks to send vast sums of data instantly and seamlessly, Instant Payments technology reducing reconciliation time to a matter of seconds, and new security features such as Confirmation of Payee, banks will be able to work faster – and smarter – than ever before.

However, meeting the expectations of Interoperable banking will require you to update or even replace legacy systems. Does your institution have the time and resources necessary to undertake a transformation of this magnitude?

Learn more about Interoperability Labs

How RedCompass Labs can help

Global payments experts

Why choose RedCompass Labs?

We’ve helped some of the biggest banks on the planet embrace the future of payments.

22+

years in payments modernization

24

countries

200+

years combined banking experience

500+

successful projects

What our clients say

“RedCompass Labs’ technology has enabled us to modernise our payments systems to keep up with the rapid pace of change, without undertaking costly, challenging and complex IT projects.

Ian Povey

CIO Payments Technology, Natwest

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Prepare for Standards Upgrades with RedCompass Labs

Whatever your needs, our team is on hand to support you.