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  6. Benefits of the ISO® 20022 Message Format

Benefits of ISO® 20022 — Explore now

Is your institution taking full advantage of ISO 20022's capabilities?

Improved dataImproved data

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The ISO 20022 standard provides more data — now it's time to put that data to work. Start thinking about how your financial institution can enhance customer experience by providing better analytics, heightened fraud protection measures, AI tools and more.

The ISO 20022 format:
  • Contains structured fields to support longer names and specific address components, including a country code, which can reduce the risk of data loss and improve the regulatory screening process
  • Supports a structured format for extended remittance information, which can improve straight-through processing for corporate business-to-business payments

InteroperabilityInteroperability

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The universality of the ISO 20022 standard allows for more industry partnership, and collaboration rather than working in silos. Connect with other organizations to create common practices (Off-site) and structured guidelines to help push the industry further ahead.

A common format:
  • Facilitates transacting domestically and globally by using a single, open standard rather than multiple proprietary standards, which require mapping and can be costly and cumbersome for banks, corporates and vendors
  • Increases accuracy and straight-through processing and reduces operating costs for customers by helping ensure information can be carried from end to end of a funds transfer

InnovationInnovation

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The modernization and richness of the ISO 20022 standard creates an environment ripe for innovation and developing new value-added services. Talk with your technology teams or service providers about how your institution can use payment information in new ways to benefit your customers.

The move to a common global message format provides opportunities to improve existing processes or add new services.
Examples include: 
  • Reducing the need for market practices that arise due to inconsistent formats and field and/or message capacity limitations
  • Improving extended remittance information capabilities
  • Supporting value-added services (e.g., payment tracking and prioritization, administrative and reporting functions)

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