THE NEW ISO 20022 RE PLATFORMS FOR THE DEVELOPMENT OF MESSAGES FOR CROSS-BORDER PAYMENTS

A post on the always interesting FCPA Blog on 14 July is concerned with the new ISO standard, saying that it provides for a flexible infrastructure that facilitates information exchange and helps to harmonise the payments language between old and new technologies.  Its focus is said to be on getting the global financial community on the same page and removing the barriers that complicate compliance.  The post argues that the new message format will speed up payments and increase transparency, improve sanctions screening, and help organisations better detect and prevent financial crime. ISO 20022 uses a central dictionary of business items used in financial communications.  Its objective is said to be to enable communication interoperability between financial institutions, their market infrastructures and their end-user communities.  The website for the new standard includes Powerpoint presentations introducing and explaining it.

https://fcpablog.com/2020/07/14/iso-20022-will-change-sanctions-compliance-forever/

https://www.iso20022.org/

https://www.iso20022.org/about-iso-20022

https://www.iso20022.org/sites/default/files/2020-07/Scripted_ISO_20022_ppt_long_version_v182_0.ppt

ppt

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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