4 Reasons why companies in many countries are choosing to use ISO20022 XML Standards
Did you know that the planned Real Time Retail Payments Systems (RT-RPS) systems for Brazil, Poland, Sweden, Singapore, Denmark, Australia, and Japan will all use ISO 20022 XML standards? Other countries that have already adopted RT-RPS systems such as South Africa, China, and Switzerland also plan to adopt ISO 20022.
Why are so many countries choosing to use ISO 20022 XML standards?
- ISO 20022 provides a common framework due to its standardized message structure.
- Non-Latin characters are supported in its Unicode format. The same message structure can be used in countries such as the United States and in countries that use double byte characters such as China.
- Inherent variability for payment instruments is permitted in the standard to support a variety of payment types without requiring modification
- More remittance information can travel with the payment due to remittance structures included in the ISO 20022 XML messages.