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ISO 20022 is a global standard for exchanging electronic messages between financial institutions. It is an open, international data standard that is being adopted around the world for domestic batch and instant payment systems, and high value RTGS. It is the future of financial messaging standards, with more than 75 payment networks globally in the process of adopting the new format.
ISO 20022 offers richer and more structured data, that can speed up the settlement of transactions, improve data accuracy and fraud prevention, and save operational expenses.
In the long run, standardisation will result in enriched data being conveyed in payments messages, which will increase analytics, interoperability and compliance across technological platforms, and prospects for collaboration.
Implementing ISO 20022 will not come without costs, and it will likely present logistical challenges for many banks and non-banks PSPs.
Despite these challenges, it offers an unrivalled opportunity to build a more cost-effective payment processing ecosystem with stronger security, faster STP rates, richer data, and an improved customer experience.
We have experts that have rich experience in payments as well as messaging standards like SWIFT (MT) & ISO 20022 (MX). Our experts can help with every step of the way, from consulting to implementation to offering support and maintenance services to ensure your ISO 20022 solution remain up-to-date and secure.
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