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PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’sISO20022 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 .
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.
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.
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