Payment message standards: ISO 20022 - 0 views
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John Kiff on 12 Jan 21The International Organisation for Standardisation (ISO), an international body which sets global and commercial standards worldwide, has defined various standards for facilitating the flow of messages related to payments/financial transactions. Over the last decade, ISO 20022 has emerged as the key global standard for developing modernised financial market infrastructures. At present, most payment systems follow the ISO 20022 standards, resulting in improved efficiency, lower costs and the avoidance of errors. ISO 20022 is fast emerging as a global benchmark for successful, real-time, high and low-value payments across domestic, regional and international flows of financial transactions.