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Kani Payments , the disruptive global data reconciliation and reporting pioneer, today announces it is ready to support the ISO 20022 global messaging standard ahead of the November 2025 implementation date.
PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO 20022. Richer Data With A Little Help From Our Friends .
Instant payment innovation cutting costs for businesses The research anticipates the adoption of ISO 20022 , 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. The world is moving more toward standards, and ISO is one of them,” said Halpin. The Community Approach to Ubiquity.
The ISO 20022 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 . ISO 20022 introduced a range of data fields that allow transactional details to be remitted along with payments. Hurdles And Supports .
“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 ISO 20022 can be valuable in tackling complex accounts payable processes,” and announcement stated.
When analysts from SWIFT and its ISO 20022 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. in its faster payments initiatives.
"Everybody talks about rich data pipes being attached to ISO 20022. 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 ISO 20022 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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