HERNDON, Va.—NACHA—The Electronic Payments Association has released a white paper, “Introduction to ISO 20022 for U.S. Financial Institutions,” to shed light on the standard’s practices and opportunities in the U.S. and global payments landscape, and to dispel myths surrounding what use of this standard can and cannot support.
ISO 20022 is the standard for financial service messaging used to describe business processes, such as payments, developed by the International Organization for Standardization.
“The purpose of this white paper is to provide clarity regarding the promises, strategies, myths and roadblocks for ISO 20022 and payments,” said George Throckmorton, Managing Director of Network Development for NACHA. “Issuing the paper is part of NACHA’s ongoing efforts to meet the needs of the present by providing industry tools and solutions to assist with ISO 20022 ACH integration while preparing for the future by continuing to monitor, explore and engage with market participants around the possibility of ISO 20022 ACH conversion.”
The emerging status of ISO 20022 as a perceived international payments standard, coupled with early adopter actions in major global markets, is driving a frenzied dialogue among financial institutions, businesses and related providers. In this setting, there is a lot of confusion about what it is and what it means for the ACH Network.
The paper can be found here.