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.
Key takings are:
- 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.