Standards make the world go round and in payments, it’s no different. ISO 20022 is coming into force for all payments – and looks set to revolutionise the financial landscape.
For many of us who have spent a career in payments, ISO 20022 (referred to in the industry as ‘ISO twenty-oh-two-two’) is imprinted permanently on our brains. We are already in deep and, as a result, the discussion usually gets quite technical quite quickly. To an outsider, we often add only confusion and complexity.
With that in mind, let’s take a step back and look at what ISO 20022 is and what it means for the finance community.
First, what is ISO?
ISO stands for the International Organization for Standardization, an independent non-governmental body that brings together experts to share knowledge and develop consensus-based international standards that support innovation and provide solutions to global challenges. From the device (or paper) you are using to read this to the shoes on your feet, ISO standards are everywhere.