What’s the essence of ISO 20022? ISO 20022 standards deliver comprehensive, secure, rich, and high-quality data to enable the pre-validation process and streamline end-to-end payment processing. In order to adopt the new messaging standards of ISO 20022, banks need to work on two things:
Omitting information or inputting data in the wrong field could negatively affect the payment. For example, in a SWIFT MX message format, addressing a building name could be incorrectly interpreted as a street or building, especially in instances where less familiar characters and languages are present. To avoid such complications, it’s critical to migrate early.