For Finextra's free daily newsletter, breaking news and flashes and weekly job board.
ISO 20022 is a big step towards a global standard, but you are correct that it will not be the silver bullet once hoped for, just take the SEPA example of AOS.
So although a big step forward which will reduce the formats nightmare, we are some way from the perfect standards world, meaning that other strategies to manage formats and the enterprise payments processes needed for better services, fraud and reporting
data will be needed for some time to come.
Thanks for the comment Barry. And I think you're right. I'm sure I remember reading somewhere that one of the PEACH's had encountered well over 80 variants of the SEPA Credit Transfer message, not even factoring in AOS...There is a growing acceptance that
variants will continue to exist and that this is not a bad thing, as long as there is at least some attempt to gain consensus across the participants of that given standard. Using ISO20022 XML for everything does make this task easier to manage, both from
a technology perspective and even just from being able to read the messages easily.
SVP - Enterprise Payments
05 Feb 2013
This post is from a series of posts in the group:
Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.