ISO 20022 and real-time domestic payments

Abstract

ISO 20022 is making strong inroads in financial market infrastructures where an open international messaging standard is required. New developments indicate that ISO 20022 is rapidly gaining traction in domestic markets too, particularly for the next generation of real-time payments systems. This paper looks at the progress made by ISO 20022, the advantages it brings to the world of real-time payments, and the implications of a single standard emerging that replaces proprietary domestic standards and crosses the traditional boundary between value and volume.