ISO 20022: The good, the bad and the better

You would think from the many articles, discussion panels and chaotic clamour regarding ISO 20022 in recent years, that it was the new kid on the block.

However, ISO 20022 has been slowly embedding itself for over a decade; first taking root in the payments domain and gradually spreading into securities, trade finance and even cards. But to some the standard still feels as new as the day it was first published in 2004. Whilst the benefits of a single financial messaging standard are wide-reaching, the challenges can often be daunting. The Clearing House in the US recently launched a
nationwide real-time payments system based on ISO 20022 messages. For a market as diverse as the US the advantages of  ISO 20022 may take some time to come to fruition and whilst the standard is thirteen years old, it may need to re-evaluate whether it meets the new challenges of the payments industry.

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