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Landmark first draft of ISO 20022 for real-time payments released

Landmark first draft of ISO 20022 for real-time payments released

(12 August 2015 – United Kingdom) Payments UK released the first draft from the ISO Real-Time Payments Group (RTPG) on 10 August, tasked with developing the ISO 20022 project.

Made up of over 50 global payments experts and facilitated by Payments UK, the group has developed ISO 20022 to reflect the global nature of the financial services industry and help to facilitate real-time initiatives across the globe.

Many countries and regions are implementing, or actively thinking about implementing, real-time retail payment systems – and the drafting of the technical documentation on ISO 20022 is a crucial step in supporting these markets on their journey.

The focus of the work is not merely on helping countries with their domestic implementation, it also has a large focus on interoperability between systems – a consistent set of standards will facilitate cross-border real-time payments in the future.

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.

While the work of the RTPG is being reviewed across the industry, the group will be busy drafting the next set of ISO 20022 messages needed to support real-time payments.

Payments UK chief executive Maurice Cleaves said the ISO 20022 is likely to be a real game-changer globally and domestically, enabling a level of interoperability not seen before.

“The Payments UK team is deeply involved in this important work which not only helps us maintain the UK’s position as a leader on the global stage but also aligns with domestic delivery of world-class payments.”

Doug Kreviazuk, vice president, Next Generation Clearing and Settlement of the Canadian Payments Association (CPA) said the development of a truly global ISO 20022 message is set to support faster or immediate payments.

“This international committee will drive greater efficiency in cross-border and domestic payments.

“The resulting message set will be leveraged by the CPA in its own modernisation initiative to better meet the needs of those who depend upon Canada’s payments system.”

Irfan Ahmad, vice president, Product Development and Strategy, The Clearing House said; “The Clearing House supports the effort under way to harmonise ISO 20022 messaging standards for Real Time Payments.

In the short-term we believe these efforts will have a tremendous industry impact with multi-national companies, who can use the same formats and procedures across their operations. In the long-term this effort provides the foundation for international interoperability among Real Time Payments systems.

“The Clearing House looks forward to continued participation in this effort with the international community.”

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