ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction.
We have compiled a list of questions frequently asked about ISO 20022 by members of the Swift community. Everything you need to know about ISO 20022 can be found here.
Foreign Exchange
ISO 20022 provides standardisation for Foreign Exchange transactions
Trade finance
ISO 20022 provides standardisation for Trade Finance transactions
[Ebook] Supercharge your payments business with ISO 20022
Leading financial institutions share insights on the concrete benefits opened up by ISO 20022’s rich, structured data capabilities.
Why ISO 20022?
Richer, better structured and more granular data
ISO 20022 enables richer, better structured and more granular data end-to-end to be carried in payments messages.
Quality data means quality payments
More transparency and more remittance information for your customers which in turn means better customer service. And a better customer experience.
Improved analytics, less manual intervention
Further operational benefits include improved analytics, less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
Supporting end-to-end automation
A single standard that covers all business domains and end-to-end business processes, ISO 20022 facilitates the creation of new services and enhanced straight-through processing.
Using modern technology
ISO 20022 uses modern, mainstream XML technology which is well supported and which facilitates efficient integration.
Worldwide adoption
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects.
What the community is saying
How ISO 20022 is helping BNY navigate the future of payments
ABN Amro - Why is adopting ISO 20022 so important for the payments industry?
BNY - What are the main benefits of adopting ISO 20022 for payments?
Community content
J.P. Morgan: Four steps to mastering the new ISO 20022 standard for cross-border payments
As the cross-border payments transition to the ISO 20022 international standard nears, take a look at what you need to do to ensure you’re ahead of the changes.
This article was originally produced by J.P. Morgan.
The Asian Banker: ISO 20022 strives for 100% STP
Understand the impact adoption of the new standard will have on the banking and payment industries and what challenges and opportunities they will face as they modernise international settlement.
This article was originally produced by the Asian Banker.
Standard Chartered: Richer data for greater certainty – ISO 20022
While adoption of ISO 20022 for cross-border payments is set to create a common standard for payment data across the globe, implementation is likely to have differing implications for corporates and financial institutions alike.
This article was originally produced by Standard Chartered.
