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November 13, 2023

On the web

October 16, 2023

On the web

March 1, 2023

On the web

March 3, 2022

On the wires

ASC X9 Publishes ISO 20022 Remittance Content Market Guide

“The Accredited Standards Committee X9 Inc. ( X9 ) today announced the availability of the ISO 20022 Remittance Content Market Guide, which documents recommendations for remittance information content. The guide is intended to advance a major benefit of ISO 20022, which is to support straight-through processing of remittance data for business-to-business payments. It provides guidance on remittance content needed by payees to post payments and promotes the adoption of structured remittance data to enable automation. The new Informative Report is available for download at no charge.”

February 14, 2022

On the wires

Nacha Announces Updates to ISO 20022-to-ACH Mapping Guide & Tool | Nacha

“Today, Nacha announced updates to its ISO 20022-to-ACH Mapping Guide & Tool , which provides background, explanation and examples as well as detailed data mapping between the ISO 20022 messages and the corresponding ACH transactions. These updates include revisions to align with recent Nacha Rules changes, including the expansion of Same Day ACH, changes to return reason codes and adding the ability for an Originator to identify a recurring or single entry or an entry initiated as part of a standing authorization. In addition, the Mapping Guide & Tool now includes mapping for Notifications of Change.”

January 5, 2022

On the web

ABA Supports Fed Single-Day Migration to New Message Format, Concerned About Lack of Detail | ABA Banking Journal

ABA Banking Journal

“The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan. ABA requested that the Fed provide a detailed implementation plan as soon as possible to allow banks to develop their own internal teams and allocate resources. Specifically, the association asked for a “technology roadmap” that establishes a series of key dates and milestones related to the system requirements and testing procedures.”

November 9, 2021

On the web

BNY Mellon Launches ISO 20022 Hub

Finextra Research

“BNY Mellon has launched an ISO 20022 Hub to help clients and other financial institutions to manage the transtion to the new payment standard. Set for introduction in November 2022, the ISO messaging standard promises to have significant and widespread impacts on financial institutions across the globe over the coming years.”

August 10, 2021

On the web

Limited Adoption of ISO 20022 Messaging in RTGS Systems – Central Banking

Central Banking

“ISO 20022 is an emerging global standard for bank payments messaging. Payments services provider Swift is the registration authority.  The standard seeks to establish a common language and model for payments and transaction data to improve speed and compliance. The standard also has scope to reduce costs and the need for manual interventions due to increased data quality and automation.  Surprisingly, central banks have not widely adopted ISO 20022 messaging in their real-time gross settlement”

July 9, 2021

On the wires

Collaboration between Pay.UK and the Bank of England on ISO 20022 payment messages

“ISO 20022 is an established international financial services messaging standard that will bring significant benefits to the global payments industry and the wider economy. The Bank of England and Pay.UK will implement ISO 20022 in the CHAPS and NPA (New Payments Architecture), as part of our objectives to improve resilience, security, user experience and innovation in the UK’s payments industry1 . The standard provides a common approach for payments data across the globe that will deliver benefits for a wide range of stakeholders; from large banks, financial market infrastructures, and businesses to consumers and payment system users. I”

May 28, 2021

On the web

Why U.S. Is Getting on Board With Global Standard for Payments

American Banker

“Clean data is key to instant payments, real-time settlement, open banking initiatives and blockchain technology — but such details are often lost or garbled when sent between parties. To better preserve this data, the U.S. financial services industry is turning to the ISO 20022 messaging standard. Essentially, ISO 20022 allows banks and corporations to handle cross-border payments that can carry extensive information in standardized data fields, taking much of the mystery out of each transaction and allowing banks to streamline other operations because of this added clarity.”

February 11, 2021

On the wires

ASC X9 Launches ISO 20022 Best Practices Forum

“The Accredited Standards Committee X9 Inc. ( X9 ) announced the formation of the U.S. ISO 20022 Market Practice Industry Forum, which will work to research and document best practice recommendations in order to catalyze ISO 20022 usage in the United States. ISO 20022 is a multi-part international standard that defines a common platform for the development of financial messages. Its use is less prevalent in the U.S. financial industry than in other regions of the world, especially among smaller entities, and the Market Practice Industry Forum will identify issues and provide guidance designed to increase adoption. Meetings will start in mid-February 2021.”

January 19, 2021

On the wires

Volante Extends Collaboration With Citi for Global ISO 20022 Migration

Volante Technologies , the global leader in cloud payments and financial messaging, and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.”

June 15, 2020

On the wires

Payments Canada Publishes ISO 20022 Messages for Lynx, Canada’s New High-value Payments System

“Payments Canada today announced the availability of ISO 20022 messages for Lynx, Canada’s new high-value payments system.  With the publication of ISO 20022 messages for Lynx, system participants can start preparing their existing applications to leverage the value of ISO 20022. Likewise, vendors who support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for Lynx participants and the wider ecosystem. The ISO 20022 messages for Lynx also support Canadian financial institutions preparing to meet SWIFT’s ISO 20022 migration date for cross-border payments, expected to roll out at the end of 2022.”

May 21, 2020

On the web

ECB responds to Swift’s blueprint for ISO 20022


“Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard. A letter obtained by Finextra Research addressed to Swift’s CEO from the ECB requested that Swift mitigate the challenges now faced by financial institutions because of Swift’s decision to delay migration to the new financial messaging format. The release of a blueprint for tackling these challenges is the first of these measures.”

May 7, 2020

On the web

Ripple Gets Ready for ISO 20022


“Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardisation committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.”

May 5, 2020

On the web

ECB Steps in Over Swift’s ISO 20022 Migration Delay


“During its March 2020 meeting the Swift Board and Executive endorsed a decision to shift their ISO 20022 migration date for cross-border payments from November 2021 to end 2022.The unexpected decision was met with surprise from institutions across the European market which now face another hurdle in the monumental transition to the new data-rich financial messaging language.”

April 30, 2020

On the web

SWIFT Intends to Change Its Operations With ISO 20022 Delay, Fiserv Says

IBS Intelligence

“SWIFT, the financial messaging provider, is using the delay of ISO 20022 to evolve its financial messaging service into transaction management, according to Fiserv’s David Chance. The delay of the new messaging standard ISO 20022 been brought on because SWIFT is intending to play a bigger role in the cross-border payments space. With the new system, SWIFT, the global provider of secure financial messaging services, will be able to manage the rich transaction data that comes with ISO 20022 and become a centralised hub.”

March 17, 2020

On the web

New Swift ISO Will Be Delayed


“A proposed migration date for a new ISO covering cross border payments looks set to be delayed by a year. The ISO 20022, which was proposed by international financial network service provider Swift, was due to come into force in November of next year (2021). The aim of the new system was to provide a data-focused payments infrastructure, and is expected to significantly enhance the international money transfer market. However, it has now been announced that the implementation will be delayed until the end of the year 2022. The reason given for the change in approach is that the financial institutions may not be able to deal with the decommissioning of the current infrastructure in time.”

February 6, 2020

On the wires

April 8, 2019

On the web

Consultation on ISO 20022 Migration for Australian Payments System

Mirage News

“The Reserve Bank and the Australian Payments Council (APC) today issued a consultation paper seeking stakeholder views on the migration of messaging used in some parts of the Australian payments system to the International Organization for Standardization (ISO) 20022 payments messaging standard. The Australian payments system comprises a number of payment services, clearing systems and settlement systems. Some of these services and systems use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Message Type (MT) for messages used in trading, clearing, settlement and payments, including for the Reserve Bank’s real-time gross settlement system.”

January 15, 2019

On the web

Deutsche Bundesbank eases banks into ISO 20022

Banking Technology

Deutsche Bundesbank, the German central bank, is using Swift MyStandards and Readiness Portal to support the European banking community migrate payment flows to the ISO 20022 standard. The central bank will use the platform to ensure a smooth transition for community members. Deutsche Bundesbank is a member of the four central bank service providers for the Target services. The Readiness Portal will enable all banks and market participants in the Eurozone to access documentation and test their payments messages related to the Target2 real-time gross settlement system, in preparation for the T2/T2S consolidation project in 2021.”

August 30, 2018

On the web

ISO 20022: standard built for FSI disruption

Fintech Innovation (opinion)

“There are currently over two hundred ISO 20022 standards adoption initiatives in the global financial services industry, and over half of these are operating in a live capacity. Asia is no exception with more than twenty cases of ISO 20022-based financial market infrastructures in production mode. These include stock exchanges and central securities depositories (CSDs) in Singapore, Australia and Japan as well as real-time payment and settlement systems in India, China and the broader ASEAN region.”

March 30, 2018

On the web

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