Swift to establish clear path
(10 November 2009 – Global) Swift is working with major financial institutions, corporations and technology vendors to patch up inconsistencies with ISO20022 messages in the corporate to bank communication realm.
The ISO20022 XML has been established to replace the constantly crossed wires of communication between banks and corporates; and different national and proprietary standards used for cash reporting and payments.
Swift recently held a three day meeting at its headquarters in la Hulpe, Belguim, meeting with stakeholders to establish a ‘Common Global Implementation’ strategy to gain clarity of the standardisation of payment initiation messages related to credit transfers, status messages and direct debits.
Some of the world’s leading banks were at the meeting to contribute input into the ISO20022 message platform, including Bank of America, CITI, Deutsche Bank, JP Morgan Chase and many others.
Swift recently held a three day meeting at its headquarters in la Hulpe, Belguim, meeting with stakeholders to establish a ‘Common Global Implementation’ strategy to gain clarity of the standardisation of payment initiation messages related to credit transfers, status messages and direct debits.
Some of the world’s leading banks were at the meeting to contribute input into the ISO20022 message platform, including Bank of America, CITI, Deutsche Bank, JP Morgan Chase and many others.
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