Current payment systems use a proprietary messaging structure that limits flexibility and choice. Legacy payment messages were designed for efficiency and lack the fields that allow for additional data that can provide extensive value and drive additional services.
Goals and Objectives
Note that ISO 20022 is a prerequisite for participation in real-time payment networks. Full implementation allows for greater flexibility and provides valuable additional data.
Modifications to existing XML platforms
Use Case Summary
Standardize around the ISO 20022 message specifications, allowing payment to be initiated from any channel and executed across any rail. Message translation is significantly simplified. Additional data can be leveraged for optimization, risk management, and regulatory compliance.