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In this note we are looking deeper at the transition to the ISO20022 messaging standard in the financial industry carries unintended antitrust risks, potentially leading to the consolidation of financial services and disadvantaging smaller institutions.
While ISO 20022 offers benefits like enhanced efficiency and transparency, these advantages are not evenly distributed; larger banks are better positioned to leverage the standard due to their resources and infrastructure. This disparity creates challenges for smaller banks in areas such as data governance, security, IT budget, legacy system upgrades, resource constraints, and inter-departmental collaboration.