The Swedish Payments industry is undergoing its biggest transformation in over fifty years. With the introduction of ISO 20022, new standards are being set for instant payments, high-value transactions, and Bankgirot’s infrastructure. Banks are forced to adapt, and a vital guide through this change is Gustav Dahlström, Manager at 421, who has played a key role in several of Sweden’s largest migration projects.
The world of Payments is undergoing significant changes, both internationally and nationally. In Europe, the new standard file format, ISO 20022, brings change on several levels. For instance, in Sweden, the Central Bank has recently migrated its clearing and settlement system for high-value payments, RIX RTGS, from the old MT format to ISO 20022. This was a market-wide initiative pushing all banks and infrastructures to migrate to ISO 20022 at the same time. Now banks are facing yet another challenge: the modernisation of Bankgirot’s infrastructure, set to be delivered during 2026.
For the last couple of years, 421’s managers and consultants have worked tirelessly to support banks in successfully moving from early preparations to go-live. One of them is Gustav Dahlström, who recently led the migration of RIX-RTGS to ISO 20022 for one of Sweden’s largest banks. He states that everything that is happening now in the Payments sphere amounts to what is, without a doubt, the biggest transformation in the last 50 years.
Much of today’s infrastructure and systems have been maintained in a status quo and only undergone minor changes over time. However, banks are now being forced to overhaul everything at once. This brings both internal and external challenges, as collaboration is required not only between departments internally but also with other banks, both within and outside of Sweden, explains Gustav.
Bringing departments together in an agile organization
Since 2022, Gustav has solely led projects connected to ISO 20022, such as the EBA and SWIFT migration and the migration of RIX-RTGS. He has assumed significant responsibility for creating the bank’s runbook, coordinating teams, establishing the organization, and clarifying the working processes. With his outside-looking-in perspective, he brings structure to an organization that has transitioned to more agile ways of working.
Many banks have adopted agile ways of working, which works well in day-to-day operations. However, with an agile approach, you don’t always get the same capacity to drive large-scale transformations, as the departments are more independent and insular. My role involves coordinating and aligning all departments towards a common objective, fostering collaboration, and developing a comprehensive plan for the entire project. You could say that I put all the pieces of the organization’s puzzle together once more.
Drawing on his project management experience, Gustav has identified three success factors for long-term projects: start early, stay proactive, and plan with the horizon in sight. These principles also reflect the way 421 strives to collaborate with its clients.
At 421, we want to support projects from start to finish. From early feasibility studies, planning, and team building, through execution, to the handover into operations. Acting as a guide along the entire journey allows us to deliver the greatest value to our clients, both in terms of project leadership and technical expertise. We really cover the whole spectrum of Payments.
The 421 approach – leave no stone unturned
When it comes to migrations, such as the upcoming one for Bankgirot, Gustav and 421 rely on a proven approach. At its core, it’s about precision and clear communication at every level.
We work with a transparent go-live plan that everyone can access. This is supported by a detailed runbook that sets out who does what, when, how, and why. Step by step, from the big picture down to the details, we prepare, practice, and teach our way of working. With the right governance structures, clear roles, and structured reporting, combined with the bank’s agile way of working, we ensure that everybody is aligned. Communication is key, and when something doesn’t work, we flag it immediately. Nothing is left to chance.
When all is said and done, there’s nothing Gustav looks forward to more than pushing the big red launch button, knowing that they have executed everything according to plan. The journey may be long and challenging, but it’s always worth it.
For me, the best feeling is when we’ve delivered as a team. It could be after a great meeting, or when we’ve hit an important milestone in the project. And we have to remember to celebrate those moments together, because they mark a lot of thought and effort by many people, Gustav concludes.
What transformations are your organization facing? Contact us and let’s find the best way ahead.
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