What Is ISO 20022?

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Also read: What is Bitcoin ATM?

ISO 20022: Messaging Standards in the Financial Industry

In the financial industry, messaging standards are what allow systems and networks around the world to communicate with each other.

The financial services industry's need for a common "language" is what prompted the Geneva-based International Organization for Standardization to launch the ISO 20022 (pronounced EYE-SO-TWENTY-OH-TWENTY-TWO) messaging standard in 2004. 

In this industry, the ISO 20022 message standard is used for business areas such as :

• Payment

• Securities

• Trading services

• Together

• Foreign currency exchange

Financial services organizations in more than 70 countries currently use the ISO 20022 standard including The Clearing House's RTP® 1 network, which has used the standard since its payments platform launched in 2017. Additionally, the Federal Reserve's Fedwire® Funds Service and Payment System Interbank The Clearing House (CHIPS®) plans to implement ISO 20022 standards throughout their system.

Benefits of ISO 20022

The message of ISO 20022 is vital for instant payments and plays an important role in modernizing the overall payment process. 

Specifically, they provide a structured, data-rich common language that can be easily exchanged between companies and banking systems. 

These capabilities are the basis for innovations such as moving from end-of-day batch file processing to real-time payment processing. 

Additionally, the ISO 20022 message provides an opportunity for enhanced analysis that could result in valuable new payment service offerings for financial institution customers.

Benefits for Companies and Financial Institutions

For companies and financial institutions, widespread adoption of the ISO format will lead to:

• Operational efficiencies, including the ability to exchange detailed returns information alongside customer payments
• Supports direct processing without manual intervention
• Reduces errors as well as the need for manual processing steps.

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Prepare for ISO 20022 

The industry's widespread adoption of the ISO 20022 messaging standard and the benefits of highly structured data made it a logical choice for FedNow Services, the Federal Reserve's upcoming instant payments infrastructure. 

Because ISO designed the standard to meet future innovation needs, the standard will be able to support the FedNow Service as it evolves and adds features.

Also Read The Fed Ends Legal Action Against Farmington Bank Following Strong Defense from SBF

ISO 20022 Message Specifications

To help the payments industry prepare for the launch of the FedNow Service in 2023, we recently published the ISO 20022 message specification that defines the message flows and formats that will be used by the FedNow Service. At launch, the FedNow Service will use a variety of ISO message types including for 

• Transfer customer credit 
• Payment request
• Interbank liquidity transfers, as well as FedNow system reporting messages. 

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.