Digital Mission

Accelerated Banking

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Resilient Infrastructure Data Mastery

ISO 20022

Current Situation

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.

Technology Deployed

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.

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