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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.

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Foreign Exchange

ISO 20022 provides standardisation for Foreign Exchange transactions

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Trade finance

ISO 20022 provides standardisation for Trade Finance transactions

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[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

ABN Amro on ISO 20022
3 min view

ABN Amro - Why is adopting ISO 20022 so important for the payments industry?

ISO 20022
22 February 2024 | 6 min read

5 reasons why you should adopt ISO 20022 now

ISO 20022’s rich data is at the heart of achieving the industry’s ambition for instant and...
What is ISO 20022?
2 March 2023 | 6 min read

Why adopting ISO 20022 is good for you and your clients

Cross-border payments are entering an exciting new era with the global introduction of the data-rich ISO...

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.

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