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    ISO 20022

    Preparing you for the future of payments

    ISO 20022 brings faster, more transparent transactions. Understand the implications and benefits.

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Adopting ISO 20022

The global payments sector is entering a new era. The adoption of ISO 20022 – a global and open messaging language for payments – will bring richer data and more detailed information to the financial services industry.

The move to ISO 20022 is being championed by SWIFT and adopted by major payment market infrastructures for high-value payments systems and cross-border payments across the world. And with ISO 20022 set to dominate high-value payments (supporting approximately 80 per cent of volumes and 90 per cent of transaction values worldwide over the next few years), this shift will have a wider impact across financial services than any other current initiative.

The global HVPS+ taskforce has published a roadmap towards ISO 20022 harmonisation, setting a common standard for payment data. SWIFT’s cross-border payments and reporting (CBPR+) working group has also published usage guidelines for adopting ISO 20022. Nonetheless, implementation will have differing implications for corporates and financial institutions – and we’re here to help with your transition.

Frictionless reconciliation and allocation of cash

Can the adoption of ISO 20022 XML turn this dream into reality?

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Hear from us

In our ISO 20022 Made Simple podcast series, we invite industry experts to dive deep into how this game-changing messaging standard is revolutionising payments, risk management and more. Subscribe wherever you get your podcasts to keep up with our latest episodes.

cover image for ISO20022 podcast episode 3

Episode 3

Navigating the ISO 20022 Migration​

ISO 20022 isn’t just a messaging standard. It’s a catalyst for unlocking value across the payments ecosystem. In this episode, we zoom in on the practical realities of migration. We explore what exactly is migrating and when, break down key timelines and resource considerations, and discuss the common challenges banks face-from technical integration to operational disruptions.​ We will also look at the surprises that have emerged along the way, share insights on how banks are adapting, and highlight tools and strategies that can help institutions navigate the journey more smoothly.

Tune in to the video podcast here, or listen on Spotify and Apple.

Spotify podcast
Apple podcast
cover image of ISO 20022 podcast episode 2

Episode 2

Artificial Intelligence X ISO 20022 = A Perfect Match?​​

Can AI unlock the full potential of ISO 20022? This episode focuses on how Artificial Intelligence (AI) can enhance the efficiency and accuracy of ISO 20022 message processing. Our speakers will deep dive on specific AI applications and discuss the potential ethical concerns and regulatory implications. We will also look at the emerging AI-driven technologies and innovations.​

Tune in to the video podcast here, or listen on Spotify and Apple.

Spotify podcast
Apple podcast
IS20022 Made Simple version 2 podcast thumbnail

Episode 1

Enhanced Data = Enhanced Risk Management​

The future of financial crime prevention starts with better data. This episode delves into how ISO 20022’s richer data formats and standardised messages can improve compliance, risk management in correspondent banking flows. We cover the benefits which makes the process more effective, as well as sanctions screening, fraud detection and AML checks.​

Read the accompanying article here or tune in to the video podcast here.

Spotify podcast
Apple podcast

Why migrate to ISO 20022

Rely on a resilient payment system

Payment systems across the world are fragmented, with different formats and standards used across different domestic markets. The resulting inefficiencies makes the movement of payments between systems unnecessarily expensive and complicated. A uniform standard will bring global consistency, and remove these inefficiencies. To reach this point, industry-wide adoption will be paramount.

Speed and transparency

ISO 20022 payments’ data sets ensure higher straight-through processing (STP) rates than legacy standards, with the probability of payment errors reduced thanks to the uniformity. With reduced fragmentation, there will no longer be a need to build customised matching systems, nor devote time to manual processing. Plus, data richness and automation ensure greater visibility over your transactions.

Fortify your payments – and business

ISO 20022 will also help strengthen your business against shocks or disturbances. Uniform data formats and structures help to ensure payments are redirected between systems if operational disruptions occur. And crucially, more structured data in payments leads to more efficient screening against money laundering, terrorist financing and other criminal activities.

Useful resources

Whether you’re after technical spec documents or implementation guides, we’ve got you covered.

Standard Chartered’s readiness plan and general guidance

Implications of ISO 20022 for Corporate clients

Implications of ISO 20022 for Financial Institution clients

ISO 20022 CBPR+ Address guidelines for H2H and API

ISO 20022 CPBR+ Address guidelines for Web

ISO 20022 CBPR+ Cash reporting user guide

ISO 20022 CPBR+ Web Payment User Guide

ISO 20022 FAQ

SWIFT ISO 20022 Programme

Watch & Learn: ISO 20022 and its impact to Financial Institutions
Introduction to ISO 20022 Migration

Introduction to ISO 20022 Migration

In this video, you’ll learn about ISO 20022 and the implications to Financial Institutions.

Watch more explainer videos here

Stay Updated: Access Key Documents & Formatting Guidelines

For ISO 20022 message formatting guidelines published by Standard Chartered, please contact your Relationship Manager.

Payments
  • ISO 20022 message formatting guidelines for Customer Credit Transfer Initiation – pain.001
  • ISO 20022 message formatting guideline for Financial Institution (FI) to FI customer credit transfers – pacs.008
  • ISO 20022 message formatting guideline for Financial Institution credit transfers – pacs.009
Reporting
  • ISO 20022 message formatting guideline for Bank to Customer Report – camt.052
  • ISO 20022 message formatting guideline for Bank to Customer Statement – camt.053
  • ISO 20022 message formatting guideline for Bank to Customer Credit Debit notification – camt.054
Stay Updated: Access Key Documents & Formatting Guidelines

For ISO 20022 message formatting guidelines published by Standard Chartered, please contact your Relationship Manager.

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