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ISO 20022

Manikandan Narayanan
  • Updated

What is ISO 20022?

ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction. The business model of ISO 20022 is a commonly and globally agreed standard for financial messages. The ISO 20022 catalogue includes over 2,300 messages, covering payments, securities, foreign exchange, cards and trade services. ISO 20022 is a messaging standard that creates a common language for payment data across the globe, enabling faster processing and improved reconciliation. 

 

High quality payments data is becoming a reality. March 2023 marks the start of migration to ISO 20022 (MX) for cross-border payments and reporting (CBPR+), with a coexistence period with MT messages until November 2025.
 
In 2018, the global financial community agreed to migrate from the MT(FIN) payment message
standard to ISO 20022.The move to ISO 20022 will begin in November 2022 and coexistence with MT
(FIN) will run until November 2025. 
 

ISO 20022 in System:

Outgoing Payments: 

Application supports ISO 20022 selected outgoing payments according to the definitions and rules of below mentioned clearing systems and channels.

Incoming Payments:

Incoming payments (ISO 20022 or other formats) are not part of the application. Preferably in a specialized and dedicated payment application. In this application incoming payments might only be implemented as a proprietary solution.

Reporting and Investigation

Reporting and investigation messages are handled differently in each clearing system.
If implemented, then according to the definitions and rules of the respective clearing system.

 

ISO 20022 Clearing Channel for CBPR+ messages

Supported system(s) FINPlus MX for CBPR+ messages
Region Global
Currency Multi-currency
Clearing System Correspondent Banking in FINPlus
Operator SWIFT
Type of Payments supported Customer Credit Transfers
Interbank Credit Transfers (Core, Cover, Advise)
Request for Cancellation
Cancellation Request related replies
Governing Body SWIFT
Specifications used in this application are published by SWIFT

 

Cross-border Payments and Reporting Plus (CBPR+) is the usage guideline that defines how ISO 20022 will be used for correspondent banking on the SWIFT network. It is a collection of usage guidelines that include messages from the payment, clearing and settlement (pacs) and cash management (camt) areas. These messages will replace their equivalents in SWIFT MT Category 1, 2 and 9 sets of messages.

Please refer the article CBPR+ for more information's on Cross border payments.

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