Unlocking Agentic Power to Modernize Global Payment Systems

The global payments industry is undergoing significant transformation due to the adoption of the ISO 20022 standard and the need to modernize legacy systems, which often results in operational inefficiencies and data loss. This transition is pivotal as it requires institutions to shift from traditional, fragmented messaging systems to a unified canonical payment model that leverages MongoDB’s flexible document model. By doing so, institutions can maintain the integrity of complex, nested payment data across multiple standards, enabling the use of AI for intelligent automation and decision-making. This approach not only reduces manual interventions and improves data quality but also enhances compliance and operational efficiency. Institutions are encouraged to implement a flexible data backbone, facilitating a move towards agentic AI, which can handle tasks such as proposing field mappings and optimizing transaction routes in real-time. The modernization strategies emphasize the importance of a unified data structure, allowing financial institutions to maintain control and compliance while navigating the complexities of global payments.