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BANKING

Payments Council plays key role in Launch of Revised International Financial Standard

Payments Council plays key role in Launch of Revised International Financial Standard

The Payments Council develops and supports the development of national and international standards for the payments industry.

10 May 2013

ISO 20022, the global standard that ensures the reliable transfer of financial data, has now had a 2013 revision published, thanks to UK banking industry recommendations led by the Payments Council.

The series of standards in ISO 20022 describe how to generate and read the messages that form the basis of electronic transactions in the financial industry. The new standard, which gives more flexibility to message developers thus reducing the cost of message development, can be found at www.iso.org/home/standards.

The benefits of ISO 20022 will be widespread as it is fast becoming the most widely-accepted standard for financial services internationally. Many countries, including the UK, Denmark, Austria, France, Germany, Australia and Canada have all set in place strategies involving this standard, and work is advancing in the USA. The European Commission has also recently mandated, via regulation, the future use of ISO 20022 for payments within the European Economic Area (EEA).

Work to revise ISO 20022 began in 2005. Its publication is the result of successful collaboration between the financial services industries across the world, and provides the basis for a reliable, global foundation for systemic innovation.

Head of Industry Standards at the Payments Council, James Whittle, commented:

“This is a significant deliverable for the financial services industry not just in the UK, but across the world. The Payments Council team involved in this project has made a major contribution over the past few years on a largely invisible but massively important task to maximise the benefits of ISO 20022 for industry, consumers and end-user stakeholders.” 


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