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Getting Ready for ISO 20022: What you need to know about the new universal, standard financial industry message scheme

Authored by – Tuhinabhra Mahapatra, Head of Next Generation Payments Attra, a Synechron company Bengaluru, India
Shantharam Shenoy, Vice President Payments and Banking Platform, Transaction Switching Attra, a Synechron company, Bengaluru, India

The financial services industry is always evolving. This is particularly true as enterprises streamline their Global Communications and Messaging infrastructure by adopting a common ‘language’ and standardized communications format.

ISO 20022 is an international messaging standard defined by the International Standards Organization. It is predominantly used for data exchange between financial institutions. The genesis of the ISO 20022 messaging standard is to provide a common messaging protocol which will have a defined central dictionary and rules. All financial institutions across the globe would migrate from current message standards (e.g., SWIFT MT Financial Messages) to the ISO 20022 standard in a phased manner. SWIFT, of course, is the current, global member-owned provider of secure financial messaging services.

 

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