Head of Next Generation Payments, India
ISO 20022 is an international messaging standard defined by the International Standards Organization. It is predominantly used for data exchange between financial institutions. The genesis of the ISO 20022 messaging standard is to provide a common messaging protocol which will have a defined central dictionary and rules. All financial institutions across the globe would migrate from current message standards (e.g., SWIFT MT Financial Messages) to the ISO 20022 standard in a phased manner. SWIFT, of course, is the current, global member-owned provider of secure financial messaging services.
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The financial services industry is always evolving. This is particularly true as enterprises streamline their Global Communications and Messaging infrastructure by adopting a common ‘language’ and standardized communications format.