ata interoperability has become an essential part of a world shaped by algorithms, especially in the financial industry. Banks and other financial institutions are set to transition their payment systems through SWIFT messages to the highly structured and data-rich ISO 20022 standard. It will become a universal standard for large and high-value payments systems of all reserve currencies by 2025. Besides, it will support 87% transaction value and 80% of transaction volumes over the world.
So what is ISO 20022? And why ISO 20022 standardization for financial data interoperability is important?
Let’s start with the basics!
What is ISO 20022?
ISO also known as International Organization for Standardization is a global federation of national standard bodies. It is a standard framework for financial services based on XML and other concurrent technologies. ISO repository holds several payment message standards and approved remittance message standards to replace legacy EDI (Electronic Data Interchange) standards for organizations that are interested.
Currently, the global payment system doesn’t have a single standard for the instruction on payment exchange between local and foreign financial institutions. Introduced in 2004, ISO 20022 (pronounced ISO twenty oh two-two) will provide a set of standard rules and practices to enhance international, regional and local payments. It gives a common platform for developing messages using a set of XML
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