亚开行-解决新技术采用挑战：以ISO 20022跨境支付报文为例

Solving Adoption Challenges of New Technology:The Case of ISO20022for Cross-Border Payment Messages OCTOBER2025 About This Brief KEY TAKEAWAYS The Asian Bond Markets Initiative (ABMI), an initiative ofASEAN+3, has been convening the ASEAN+3BondMarket Forum (ABMF) and the Cross-BorderSettlement Infrastructure Forum (CSIF) as platforms forpublic and private sector institutions. These forumssupport the development of local currency bond markets;analyze and discuss market trends; facilitate knowledge-sharing, policy dialogue, and recommendations, includingon digitalization and data transformation; and addresschallenges common to all regional market stakeholders. èThe transition from unstructured data practicesto structured data has just started for Swift MTstandard users. The process requires continuousimprovement and phased implementation toachieve its full benefits in the coming years, ifnot decades. èA messaging ecosystem utilizing ISO20022as amethod for interoperability with high data quality isemerging. However, cross-border payments remainin an under-governed state where underlyingpractices are still evolving and the implementationgap continues to widen. The Asian Development Bank (ADB) acts as secretariatto ABMF, CSIF, the newly established Digital BondMarket Forum, and the ABMI.1 èThe five inhibitors and possible remedies outlined inthis brief serve as beacons for adopters. Addressingthese considerations will allow firms to navigateinvestment challenges, align objectives withpractices, and ensure responsible implementation ina dynamic environment. This ABMI Brief series provides insights into professionalbond markets, their development, and necessary ordesirable components to issuers, investors, marketintermediaries, regulatory authorities and policymakers,academia, and other interested parties. Individual briefs arededicated to specific subjects discussed in ABMF andCSIF, given their relevance for domestic bond markets andthe needs and interests of their constituents. èGiven the fragmentation in the paymentsindustry, there is a need for an implementation-focused orchestration effort—an “interim body”bridging technology and business, the public andprivate sectors, and standards development withmarket practices. This ABMI Brief No.13covers the need forstandardization and coordinated implementation—keysubjects of the CSIF curriculum—using the example ofISO20022implementation. èAs an extension, mature but fragmented marketscould develop a licensing regime for cross-borderpayment services and delegate supervisory authorityto such an interim body—as seen, for example, insecurities dealerships. The business functional processes themselves involvemultiple disciplines including sanctions compliance,financial crime compliance, fraud prevention, dataprotection, client account management, clientreporting, and regulatory reporting. In short, it is not anarea where one can rely on practices traditionallydeveloped based on trust among a handful of skilledexperts employed by banks who are masters ofdifferentnuances in each market. Introduction The business of cross-border payments, particularly forbanks, is going through a once-in-decades transitionfrom unstructured data practices to structured datapractices.Despite extensive industry discussions, pilotprograms, and targeted technological innovations, wide-scale adoption of new financial technology continues tobe fragmented, especially with regard to cross-borderpayments.Asignificant portion of the market is alreadyexperiencing transition fatigueas Swift MT messageusers work to complete their transition of paymentmessages to ISO20022,the global standard forfinancial messaging,by November2025. The business of cross-border payments hasalsobecome the front line for machine learning and appliedartificial intelligence (AI), where there is a new need toensure that the underlying data provided to themachines are well defined andgranularly structured sothat human assistance or interpretation is not needed toidentify the required data and process it. Unlike personal technology upgrades—whereindividuals transition seamlessly through automaticupdates—industry adoption of technology operatesunder entirely different principles. Legacyinfrastructure, a lack of fundamental practices,regulatory constraints, operational costs, andinadequatemarket governance inhibit firms fromimplementing new standards efficiently. InhibitorsofTransition There are five known inhibitorsoftransition from onetechnology to another in terms of industry adoption.These can be summarized asfollows:(i) the users donot understand the purpose of thetransition tonewtechnology and what problem it solves, (ii) the users donot have the right measurement or standard tobenchmark the proposed technology benefits,(iii)multiple options exist and the differences all appearmarginal, (iv) theaffectedbusiness does not have theunderlying practices in place, and (v) marketgovernance does not reflect the under