We are rapidly approaching the mandatory implementation of structured addresses within ISO 20022 standards in several jurisdictions.
The format of structured addresses is exceptionally granular, allocating separate lines for house or apartment numbers, floor numbers, or specific departments within organisations.
There are also numerous ways to reference the different districts of a town or city.
However, the extra detail also creates challenges.
This is because of the varying data format requirements of different banks and payment schemes, with each institution having its own unique specifications on how it wants to receive this data.
Any missteps in data placement can lead to transaction failures because the data is not where the bank expects it to be.
As such, it’s imperative that organisations understand the precise data requirements of their banking partners.
Handling the banks’ various data requirements is where the complexities of an ISO 20022 migration really come to the fore.
Most firms must convert their existing data into multiple formats required by their banking partners, often enriching data to fill in any gaps.
This is a significant pain point and is where we see organisations choose to work with a third party, such as AccessPay, to take away the difficulties of data transformation and enrichment.
We’ve built up a library of over 20,000 formats tailored to thousands of banks, helping alleviate this burden for our customers.
In my next piece, I’ll discuss planning your organisation’s transition to ISO 20022.
Watch Episode 6 on-demand
The third episode of Mastering ISO 20022, a series of video shorts, is now available, designed to help you understand how to take your business to ISO 20022 compliance in time. Watch episode 6 of the Mastering ISO 20022 Video Series now.
