A unified global payments standard

Take the pain out of financial transactions with the global message standard ISO 20022. It ensures that you will always get your message across correctly, no matter where you are or who you are communicating with. Standardize your payments. Make them easier, faster, and more effective across the globe.

Take the pain out of financial transactions with the global message standard ISO 20022. It ensures that you will always get your message across correctly, no matter where you are or who you are communicating with. Standardize your payments. Make them easier, faster, and more effective across the globe.

ISO 20022
ISO 20022

ISO 20022 will transform how we send money globally

The global payment industry is not as efficient and effective as it should be. ISO 20022 brings an interoperable framework. ISO 20022 allows payment networks and financial institutions to work together seamlessly, improving global reachability and benefitting everyone involved.

Seamless end-to-end experience

ISO 20022 creates a seamless end-to-end experience by establishing an international standard for electronic payments that is common across all sectors and use cases. It solves two major problems of the financial industry today - syntax and semantics.

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Syntax

Currently, different countries, industries, and organizations use different syntax standards, which makes it challenging to create an error-free, efficient, and streamlined payments ecosystem.

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Semantics

Semantics defines meanings in languages. Today, some geographies, industries, and businesses use different words to indicate the same. For example, some use terms like payment originator, initiator, or payor with the same meaning.

Like shipping containers boosted global trade and created the highest possible levels of efficiency through establishing uniform measurements, ISO 2022 sets consistent standards for syntax and semantics.

Seamless end-to-end experience

ISO 20022 creates a seamless end-to-end experience by establishing an international standard for electronic payments that is common across all sectors and use cases. It solves two major problems of the financial industry today - syntax and semantics.

The new global language for electronic payments

Talk about free trade. ISO 20022 is about getting the world to speak the same language.
It eliminates the need for financial institutions and businesses to translate one another’s messages and therefore, opens up completely new markets with unprecedented speed and efficiency.

Save time and money spent on manual efforts

Manual reconciliations are long and laborious. Errors can be costly. Imagine a world where your translations are automatically done and all your data matches. A world where you can focus on providing top-notch service to your customers, not reconciling data with banks or suppliers. ISO 20022 will replace the current manual processes with a highly efficient and automated system.

Reduce risks

With data consistent from one country to the other, ISO 20022 will provide better intelligence for fighting financial crime and improving customer service. ISO 20022 allows payments to be rerouted more efficiently between a variety of systems. It standardizes and improves data quality, helping detect and prevent fraud faster than ever.

How does ISO 20022 work?

ISO 20022 presents a ready-made recipe with three layers for flawless communication. It provides all the ingredients you will need to communicate accurately and with clarity across borders and industries.

Three Layers of the ISO 20022

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#1 Business concepts and processes

ISO 20022 draws a clear lin between the business and it representation in a messag (the syntax). This methodology defines the activity, the roles of the actors, and the information required to fulfill this activity. Then it organizes data into containers with business elements inside.

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#2 Syntax-independe logical messages

To perform a business s activity, ISO 20022 uses logical messages, descriptio of the information about this activity. No matter if it’s a credit card payment, FX transaction, or credit transfe ISO 20022 can recycle components across all messages.

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#3 XML as a primary syntax

The logical message is physically represented by nXML as a primary syntax. Other syntax types that can be used include SWIFT and FIX. ISO 20022 dictionary stores this syntax with all its r, components, definition, context, and structure.

And because ISO 20022 is a free and open standard, anyone anywhere can add their 2 cents to the dictionary to help write and build solid business standards across the globe.

Create your own financial standards

ISO 20022 is free and open to the public, so anyone can take part in making a solid international standard across countries. The more people contributing to the global language of finance, the better the language will be!

Technical
advantages

  • 01.

    XML format, compatible with new and old technologies

  • 02.

    Legal Entity Identifier (LEI) support for all parties.

  • 03.

    Messages and codes for cancellations and payment returns instead of manual messages

  • 04.

    Rich remittance information replacing freeform legacy standard.

  • 05.

    A full character set, including special, non-Latin characters and emojis.

  • 06.

    End-to-end payment tracking with expanded transaction identifiers.

Who benefits from ISO 20022?

It is easier to do business if everyone agrees on the same language. Access to global markets. Industry best practices. Compliance with capital markets regulations. Access, availability, and affordability. All of this is achieved through ISO 20022. Everyone, including banks, fintech, and customers benefit from speaking the same language.

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Financial institutions

The ability to leverage detailed financial assets, coupled with updated data elements and structured party identification details, allows financial institutions to serve their customers better by deriving further intelligence on their actual transactions.

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Fintechs

ISO 20022 brings Fintechs and their institutional partners closer, so that they can create more customized services for clients and explore multiple markets at the same time. They’ll all be leveraging the ability to synthesize data coming from different

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Customers

With ISO 20022, financial infrastructures will be able to do their jobs better. The client’s experience in terms of straight-through processing for their payments will be improved. With reduced complexity, customers will benefit from a better way to identify their counterparty for the transaction, reducing errors and minimizing manual tasks.

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Software providers

Software providers will be able to build and deploy a wide range of business applications tailored to specific markets without additional developments for local formats. They will leverage the standardized global data to provide insights into customer behavior and create tailor-made, value-added services for their customers.