![]() This provides companies the opportunity to take a step back and assess their treasury operations current state. The Federal Reserve Board of Governors has a completion date of the end of 2023 for the major central banks to make the transition from legacy file formats to the ISO 20022 standard. The ISO 20022 allows for more transactional data to be passed in the message which addresses the many shortcomings of the legacy format. The ISO 20022 payment message is a flexible XML structured file format that covers financial information transferred between financial institutions for the likes of payment transactions, securities trading and settlement information, credit and debit card transactions and others. ![]() What is ISO 20022?ĭeveloped by the International Organization for Standardization (ISO), ISO 20022 is the global messaging standard for financial business transactions. ![]() Virtually all major central banks will be implementing the new infrastructure, including the US Federal Reserve, Bank of England, European Central Bank, Bank of Japan, and many more.ĭo you know what this means for your own company’s payments?īelow we will highlight what exactly ISO 20022 is and what impact this has for your company. Over the next 3 years, the global finance infrastructure will change firmly to the use of ISO20022 payments. ![]()
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