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Soon, ISO20022, a messaging standard designed to improve how payments are processed and communicated, will become the global norm. ISO20022 was introduced in 2004 and has since been part of a long and complex journey to improve international payment messaging. Now, it looks good on paper.
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. Hurdles And Supports
Financial messaging company SWIFT, along with a number of corporates and banks, announced Wednesday (July 25) plans to begin testing a multi-bank standard to further improve the cross-border payments experience for multi-banked corporates. According to SWIFT , more than $100 billion in SWIFT gpi messages are sent each day.
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