On 10 August 2015, the ISO Real-Time Payments Group announced that a first draft had been produced of ISO 20022.
ISO 20022 is the international standard that defines the ISO platform for the development of financial message standards. The drafting of the technical documentation on ISO 20022 is an important step in supporting the implementation and growth of real-time retail payment systems. Post implementation, participating financial institutions will use consistent terminology by way of ‘set’ messages and language within the global payments clearing and settlement network.
What this means for you
The development of a common standard which is focused on interoperability (that is, effectively the efficient exchange of information) will be of interest to financial institutions which want to streamline their communication infrastructure through the adoption of a uniform language for financial communications. The Real-Time Payments Group is due to meet again at SIBOS Singapore in October 2015, when further updates may be provided to the industry on progress.