The Payments Association

JANUARY 15, 2025

Swift drives global interoperability and innovation, aligning with the UK’s National Payments Vision to enhance seamless, secure payments. This is an example of how the scale of the Swift network can be leveraged to interoperate market infrastructures to enhance the user experience.

SWIFT

PYMNTS

MAY 31, 2018

This makes interoperability that much more difficult to achieve. Throckmorton and his team at NACHA believe that ISO 20022 , developed by the International Organization for Standardization (ISO), could be that common language. If you don’t have standardization, it’s just not going to work.

ISO 20022

PYMNTS

APRIL 30, 2020

The combination will achieve that goal through a Contextual Funds Transfer (CFT) payment rail, connected to the businesses’ enterprise resource planning (ERP) and supply chains, which would ultimately create interoperability for business payments and more visibility.

B2B

Neopay

NOVEMBER 26, 2024

Key concerns include sanction screening, anti-money laundering (AML) requirements, fraud detection, and the Verification of Payee protocols. The ISO 20022 Transition A significant aspect of compliance is the adoption of the ISO 20022 standard, which enhances data richness and interoperability in financial messaging.

Instant Payments

PYMNTS

MAY 30, 2018

While some financial institutions are turning to APIs as a way to help different financial institutions transmit data and communicate more efficiently and also protect their own data, others are promoting the ISO 20022 standard as a common language for different FIs.

Payment APIs and Integration

The Payments Association

MAY 16, 2025

ISO 20022 for cross-border payments (Mandatory by 22 November 2025) The global migration to ISO 20022 as the standard for cross-border payments messaging becomes mandatory on 22 November 2025. Next steps/action required: Consult with finance, IT, and ERP teams to confirm readiness for structured ISO 20022 fields.

Regulations

Seon

JULY 27, 2023

In any event, the message follows the ISO 20022 standard, which according to the Federal Reserve will bring “interoperability, end-to-end efficiency of payments, and future innovation” to the FedNow Service. Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee.

FedNow