ISO 20022 will turn into a new universal standard for electronic information exchange between financial institutions by December 2025. Although many nations have set a go-live date in 2023, several banks & corporations claim that they’re unprepared, which experts say is expected. Financial institutions are showing their unpreparedness is quite justified as many of them handle new complexities and explore new trade finance digitization opportunities. The Covid-19 pandemic compelled several institutions which didn’t have pre-planned strategies for digitization to immediately incorporate for survival. While they recorded enormous benefits from digital solutions, the strategy for the reception has been in silos and designated at certain areas of the business. Read more: https://www.emeriobanque.com/blogs/how-digitization-brings-new-opportunities-in-trade-finance