A new messaging standard for payments: ISO 20022

At a glance

  • Increased flexibility to adapt to changes in the economy, emerging technology and innovation.
  • Harmonised format with over 70 countries already using ISO20022.
  • Potentially few delays through improved straight through processing.
  • Using data to increase harmonisation, innovation and resilience.

A new messaging standard for payments: ISO 20022

ISO 20022 is a flexible standard for financial messages that enables interoperability between financial institutions, market infrastructures and the Banks’ customers.

All Banks must be ready to support the new language/standard to continue processing payments and customers should also prepare for changes.

The IS020022 standard supports the inclusion of richer, better structured transaction data in payments messages, delivering a better customer experience by enabling less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.

ISO 20022 adoption will take place over multiple years. Payment Market infrastructures (PMIs) of all major currencies are either live or in the process of adopting ISO 20022 by November 2025 for cross border payments.

From June 2022, UK will go live with ‘like for like’ capability with further enhancements to follow.

Visit the Bank of England website for more details relating to the RTGS renewal programme

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