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What is ISO 20022?

ISO 20022 is an international standard for relaying electronic messages between financial institutions. It was created to give the financial industry a common platform for sending payments messages and exchanging payments data, using a central dictionary, a standard modelling methodology, and a series of Extensible Markup Language (XML) and Abstract Syntax Notation (ASN.1 ) protocols.

Banks and financial institutions globally are set to transition their payment systems from using SWIFT messages to the new, highly structured and data-rich ISO 20022 standard. By 2025 it will be the universal standard for high, or large-value payments systems of all reserve currencies, and will support 80% of transaction volumes - and 87% of transaction value globally. In Europe, SWIFT and the European Central Bank have announced ISO 20022 go-live dates of November 2022 for the standard

Why standardization is important?

Standards are a critical factor when initiating financial transactions and reporting financial activity. An international standard is a way to simplify interoperability between service providers and clients, and enable the efficient, consistent and secure exchange of files.
Traditionally, large global financial institutions have had tendencies to develop, approve and implement standards without seeking input from other organizations. This has resulted in inconsistency, and a lack of customization, leaving overwhelmed IT departments with the task of handling onboarding, testing and managing ongoing partner relationships.
ISO 20022 was designed to remedy this, as a flexible framework providing an internationally agreed business message syntax, where user organizations and developers will use the same message structure, form and meaning to exchange transaction information globally.

What are the benefits of ISO 20022?

Global adoption of ISO 20022 will create a common language and model for payments data. It will provide higher quality data which translates to better quality and faster payments for everyone involved in the payments chain. The implementation of ISO 20022 will create an open standard that can adapt to changing needs and new approaches within the payments industry. As it will not be controlled by a single interest, it can be used by anyone in the industry of financial services and implemented on any network.

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