ISO 20022: What is it and Why is it so Important?

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.