ISO 20022 as a catalyst for boosting SMB revenue

SMBs present a unique challenge in banking, as they are more inclined to switch providers compared to larger counterparts due to the abundance of choices in financial services.

In the United States, SMBs make up a staggering 99% of the nation's enterprises, exceeding 30 million in number. All financial institutions are actively immersed in efforts to attract and retain small business customers. These endeavors contribute significantly, generating around $150 billion in annual revenue for the US banking industry across various financial services, including deposits, loans, cards, cash management, and merchant services.

Drawing inspiration from innovators like Square, several FIs are enhancing their value propositions by addressing SMBs' everyday challenges through the new data-rich ISO 20022 standards.

Download this report to learn how financial institutions can leverage ISO 20022 to create more valuable services for SMBs.