With a go-live scheduled for November 2022, TARGET2 participants are required to kick-off necessary business amendments to make sure to be ready on time. In the Eurosystem, the adoption of ISO20022 standards, which has so far been applied primarily to mass payments (SEPA) and instant payments (TIPS) systems, will also include the European high-value payment systems of the Eurosystem (TARGET2).
ISO 20022 ISO
This syntax-independent business modelling approach is the key feature of ISO 20022.įurther benefits concerning ISO 20022 and identified within the environment of financial exchanges are: Data is structured in different components, which are reused across all messages. The syntax refers to the structure of how data is exchanged by following logical data and information procedures. While separating the business and the syntax, the new ISO Standard is divided into eight parts. However, the ISO 20022 incorporates more than common credit transfer and direct debit messages and includes status reports and account statements as well. XML is used to encode the data and permits an integration of various characters, allowing a real global harmonization of payment processes and leaning towards an enhancement of automation and standardization. ISO 20022 is based on the Extensible Markup Language (XML) format computer standard. Consequently, regardless of the currency in which a payment is made, a uniform payment standard is used, which creates a fast and highly structured payment communications. ISO 20022 is eager to put an end to this diversity and grow into a unique and universal language for financial messaging within the payment industry.īy proposing a single standardization approach through methodology, process and repository, ISO 20022 facilitates the communication of financial information between relevant stakeholders and systems while coordinating the expanding number of cross-border payments. In the same manner as the world counts plenty of languages, various messaging standards and formats exist. With the aim of simplifying global business communication in the financial context, ISO 20022 has been implemented. ISO develops and publishes international standards in numerous fields, including financial services. In an environment of cross-border payments and globalization, the International Organization for Standardization (ISO) requires novel and modernized solutions while taking into consideration various needs of the stakeholders.
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