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.
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