ISO 20022 AND BEYOND

ISO 20022 AND BEYOND

  • Alex Yip
  • Published: 11 June 2019

Today, several domestic and international payment messaging formats vary by structure, meaning and policies. Without a standardized system, it creates the same difficulty humans encounter when trying to carry a conversation with someone who speaks another language.

ISO 20022, a standardized messaging scheme for financial services, aims to bridge this gap in communication by providing a universal way for people and technology to understand financial payment instructions. The adoption of ISO 20022 is expected to unlock greater efficiencies, new capabilities and play a key role in Canada’s Payments Modernization vision.