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It replaces ISO 15022, which has been in place since 1992 and was designed to overcome interoperability and integration challenges between different clearing systems, improving the transparency and speed of transaction data in paymentsmessages.
While more businesses are not only shifting away from paper, but operating with an embrace of digitization, the AFP and JPMorgan warned that checks remain popular and are far from being gone for good in the corporate payments ecosystem. Check and ACH transactions have been around for a long time for a reason.
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