How does ISO 20022 futureproof payments?
Paying suppliers. Accepting payments. Payroll. FX. Cross-border payments. All of these vital banking functions are impacted by the modernization of the global payments industry. ISO 20022, a new messaging standard, is making the payments process more efficient for banks, markets, and customers worldwide.
Banks must adopt ISO 20022 while simultaneously dealing with the increased payment volume from faster and real-time payments. In this blog, we look at the associated challenges and opportunities.
What is ISO 20022?
ISO 20022 is an international electronic messaging standard for relaying messages between financial institutions. As an international standard, it acts as a common language for sending and exchanging payment data, improving the interface between financial institutions, payment schemes, and companies globally. The more consistent the information shared between parties, the more efficient the payment process is.