ISO 20022 message guidelines approved and published
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published.
The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry.
Payments UK describes this development as “an important stepping stone to global interoperability for real-time payments systems”.
The published guidelines are the first in a series. The aim is to develop a catalogue of guidelines covering all the ISO 20022 messages that may be used for real-time payments.
These first published guidelines focus on interbank payments messages.
The RTPG will now focus on developing the message guidelines necessary for customer-to-bank real-time payments. These are likely to be delivered by the end of the summer.
“The focus of the work is not merely on helping countries with their domestic implementation, it also focuses on interoperability between systems – a consistent set of standards will facilitate future innovations in cross-border real-time payments,” states Payments UK.
Maurice Cleaves, CEO of Payments UK, states that “the UK payments industry has an excellent track record of leading in this work. Both the industry and its customers benefit from well designed and consistently applied standards.”
Industry stakeholders are encouraged to become involved in the review process to ensure a truly representative and global standard by getting in touch with Payments UK.
Hot on the heels of this announcement, a specialist payments messaging firm, Volante, has proclaimed that it “delivers immediate support for ISO 20022 RTPG global practice guidelines”.