Gap analysis: JDX payments


The payments ecosystem continues to rapidly change and evolve. This is being driven by increasing pressure from regulators, intense competition from new entrants and by customers who now expect payments to be instant, frictionless and account-to-account.

ISO 20022 will provide consistent, rich and structured data across the payments chain. The drive to adopt ISO 20022 standards for payment messaging requires financial institutions to consider their transition programme as part of their strategic outlook, and how they can enhance their existing processes and technology for commercial benefit.

JDX were engaged by a tier-1 investment bank to undertake a detailed Impact and Readiness Assessment to support their ISO 20022 transition to an enriched data standard for cross-border payment messages.


The client engaged JDX to complete an initial 14-week gap analysis, as part of an 18-month programme. JDX initially deployed a team of 7 consisting of a Programme Manager, Senior Payments SMEs and Business Analysts to perform this assessment. 

Our approach to completing the Readiness Assessment phase included:

  • Assisting in an initial phase of understanding the scope and effort required to migrate to ISO 20022 and define a delivery roadmap.
  • Document the As-Is and To-Be technical architecture, data flows, and payments workflows
  • Provide technical payments expertise to the client’s operational and technical teams – including technology standards and best practices for future proofing
  • Provide a detailed gap analysis with tactical and strategic requirements, while working within the client’s approved delivery methodologies. 


During the 14-week Readiness Assessment phase, the project consisted of 3 key deliverables.

  1. Current State Assessment:
    1. System Architecture Map – high-level logical and physical system architecture mapping the various payments functions, systems, and channels
    2. Data Assessment – data quality assessment and remediation planning (where applicable).  Review of internal and external flows.  Completeness, Accuracy, and Timeliness – including data truncation issues
    3. End-to-End Workflows –including actors, workflow and system interactions, and an updated impact analysis
  2. Target State & ISO 20022 Readiness:
    1. ISO 20022 Readiness – completed gap analysis illustrating requirements and effort across systems and workflows to achieve ISO 20022 standards (CBPR+, HVPS+ and other Market Infrastructure usage guidelines)
    2. Technology Considerations / Recommendations – opportunities defined with technology considerations to future proof the ISO 20022 payments estate, including centralised infrastructures across regions and business lines
  3. Delivery Roadmap
    1. Delivery Schedule – Phased tactical and strategic transition plan, agree key milestones, inclusive of resourcing profile and constraints.
    2. Business Case – Document ROI framework and business case where required to attain funding and support roadmap execution.

Following successful completion of the Assessment phase, JDX were then to be engaged further to provide ongoing expertise, insight and programme management of the ISO 20022 transition. This would also see an expansion and globalisation of the JDX team deployed.

Contact us

For more information on our Payments Solutions, please reach out to Michael Levens, JDX Head of Payments.