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PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO20022. Richer Data With A Little Help From Our Friends .
Kani Payments , the disruptive global data reconciliation and reporting pioneer, today announces it is ready to support the ISO20022 global messaging standard ahead of the November 2025 implementation date.
The ISO20022 messaging standard has been seen as a potential way of achieving the latter, and has been drawing increasing global attention. Deep Data For Swift, Secure Payments . ISO20022 introduced a range of data fields that allow transactional details to be remitted along with payments.
Instant payment innovation cutting costs for businesses The research anticipates the adoption of ISO20022 , a universal standard for instant payments’ financial messaging. The extra remittancedata that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails.
Further, one of the largest benefits to corporates of faster and real-time payments services is less about the speed and more about the data these networks are able to carry along with a transaction. ISO20022’s path to ubiquity could serve as a model for faster payments technologies’ own adoption journeys.
When analysts from SWIFT and its ISO20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. and Canada.
“The research identifies that instant payments adoption can be particularly transformative in B2B payments, where value-added capabilities, including automation and additional remittancedata enabled by ISO20022 can be valuable in tackling complex accounts payable processes,” and announcement stated.
"Everybody talks about rich data pipes being attached to ISO20022. That is technically true, but remarkably uninteresting, unless somebody does the work to standardize what's actually going to flow across those pipes.".
The partnership supports Payment Canada's need for RTR to enable ISO20022 messaging standards and remain in compliance with the Bank of Canada 's risk management standards for payment systems, an announcement revealed. Businesses Drive Australia's NPP Adoption.
There are barriers to progress, though, with most businesses saying that a lack of standard remittance information is the biggest challenge to adoption of electronic payments information.
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