These values will become the metadata wrapping all future payments. Identifying key data elements that span your current systems and processes can provide the integration glue across your payment ecosystem. In due time, the financial services industry will switch to this newer standard, and carriers will want to embrace this regulation to benefit from cost reduction, faster payment reconciliation and improved customer experience.Īs the industry begins to evaluate the integration of instant payment providers, now is the most opportune time for carriers to understand what internal applications, systems and processes are responsible for payment transmission and assess their compliance. India and parts of APAC have led the way with full adoption, while the UK and US have lagged behind. As the long-awaited deadline approaches in July 2022 (extended due to COVID-19), more financial institutions and carriers alike have begun to prepare for ISO 20022 compliance. ISO 20022 is a data-rich payment standard that allows for the combination of financial data with non-financial data together in a single payload.
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