What is ISO 20022?
In essence, ISO 20022 is a new universal and standardized language for payment messages and financial data.
Think of it as the replacement for "basic financial English" that was used before (like the MT standard, used by SWIFT) with a "complete and rich financial English" that everyone understands in the same way.
Key features:
· Global Standard: It is an international standard developed by the International Organization for Standardization (ISO).
· Common Language: It defines a common vocabulary and grammar so that financial systems from different banks and countries can communicate without ambiguity.
· Rich in Data: Unlike older formats, which were limited (like 140-character messages), ISO 20022 allows for much more structured and detailed information in each transaction. It uses XML, a flexible and readable format for both humans and machines.
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