Making cross-border payments more open and structured
Stephen Lindsay, SWIFT’s Head of Standards, explains the pivotal role global and open standards play in making international payments faster and more efficient.
Recent innovation in the payments space has helped banks to reach new heights of efficiency, enabling money to move faster than ever.
But the flow of money across borders is often slowed down by fragmented processes. On top of this, regional differences in compliance requirements, and a lack of common standards in payment instructions, exacerbates the problem.
To enable a truly seamless payments experience for customers, the banking community must embrace a shared language. It needs open and globally adopted standards.
That’s why we’re working closely with our community to facilitate the global adoption of ISO 20022. This global standard will not only speed up payments, it will also unlock innovative new services to improve efficiency and reduce costs.
Together with our community we’re building the payments of tomorrow. Open and structured.
First published in 2004, ISO 20022 is widely recognised as the standard of the future. As well as being flexible enough to work with the latest technology, ISO 20022 can also adapt to new technology as it emerges.