An agreement has been reached between some of the world’s biggest payment companies to improve the use of real-time payments.
During a roundtable event held in London by the Payments Council, over 40 financial institutions, international clearing houses, payments associations, payment schemes and supply-side representatives agreed to use ISO 20022. This is an international standard developed to improve both real time payments and electronic data interchange between financial institutions.
Developed by the International Organisation for Standardisation, (ISO) this new standard will help create message systems within the payments industry, essentially providing a ‘common language’ for all financial communications.
The attendees now aim to deliver an initial variant of ISO 20022 messages for real-time payments before the end of summer 2015.
With this new agreement, ISO 20022 could also be used to develop new domestic financial messages between financial institutions the UK. The UK has already deployed ISO 20022 messages for the Cash ISA Transfer Service and for the Current Account Switch Service.
‘‘Collaboration is often the key to success in the development of payment systems, so we are delighted to facilitate international dialogue to help with coordination on real-time payments. The UK payments industry has a long history of being committed to common industry standards, and this meeting marks another important milestone,’’ explained Maurice Cleaves, interim chief executive of the Payments Council.
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