“The benefits available to businesses via ISO 20022 are too vast to ignore, and the sooner you switch the sooner you can start reaping the rewards. Many of the benefits inherent in ISO 20022 are the principals that AccessPay is built on – like greater efficiency and more automation – so our platform is already 100% configured to run with ISO 20022 and you won’t have any transition troubles to contend with.“
Data quality & richness
Financial messages will now use structured data – for better accuracy and completeness, and fewer errors, exceptions, or manual interventions.
Able to carry more information, ISO 20022 messages will enable better reconciliation, auditing, and reporting.
Standardisation & collaboration
You’ll communicate worldwide using the same language, whatever the shape, size, or sector.
Close working between your finance and tech teams during implementations will mean smooth transition and effective ongoing support.
Seamless compatibility with APIs and cloud-based solutions means more automation, better visibility, and more robust integration of financial systems.
Adhering to ISO 20022 will make regulation and compliance easier to follow, many governing bodies are already adopting it as their standard and expecting it from their member organisations.
Don’t know where to start with your ISO 20022 transition?
Watch AccessPay’s Tom Livock and Nav Cheema dive deep into all things ISO 20022, including detailed explanations and practical tips on:
- Payments and statements
Increase the frequency of straight-through processing, with fewer exceptions, and a greater rate of reconciliation.
Make better use of automated processes and avoid the costs of human error and manual interventions, reducing your financial admin bill.
Supported by every bank globally, sending and receiving payments will be possible with any partner, wherever they are.
Operate on a more real time basis and make more informed decisions about your business, with richer financial data.
Mastering the technicalities of an ISO 20022 implementation
Covering the technical aspects of ISO 20022, this article will help finance professionals prepare for the upcoming changes, with advice on how to migrate to ISO 20022.
It also explains the logical structure of the new messaging, explaining how it’s represented syntactically in an XML format.
A deep dive into the mechanics and messaging of ISO 20022
ISO 20022 was first introduced by the International Organisation for Standarisation in 2004 to give the financial industry a standard platform for developing messaging in on eXtensible Markup Language (XML) rule.
Discover everything you need to know about SWIFT’s new Financial Messaging Standard.