ISO 20022

ISO 20022 is an international standard for financial messaging that defines a common data model and message formats. It enables richer, structured payment data across banks, market infrastructures, and payment networks.

Many payment systems, including SWIFT and SEPA, are migrating to ISO 20022 to improve interoperability. The standard supports detailed remittance and compliance data in payment messages.

Related Terms

SWIFT

Society for Worldwide Interbank Financial Telecommunication

SWIFT is a global messaging network that financial institutions use to securely transmit information...

SEPA

Single Euro Payments Area

SEPA is a payment integration initiative of the European Union for simplification of bank transfers ...

RTP

Real-Time Payments

RTP is a U.S. real-time payments network that allows immediate, credit-push transfers between partic...

Cross-Border Payment

A cross-border payment is a transfer where the payer and payee are in different countries or currenc...

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