Adoption of global common language by Payments Bank makes it easier for financial institutions to streamline international payments
London, 13th April 2022 – Three years ahead of the 2025 deadline for completion, Banking Circle has now adopted the ISO20022 messaging standard. A single common format for all financial communications, ISO20022 allows participants and systems in different markets to communicate in a consistent message format, using agreed terminology.
“To conduct business, financial institutions exchange massive amounts of information with their customers and other institutions,” commented Laust Bertelsen, CEO of Banking Circle. “Such exchanges only work if the sender and receiver of a message have a common understanding of how to interpret this information. Rather than managing multiple market systems that speak different languages, ISO20022 offers a universal messaging language. Many real-time, low-value and high-value clearing systems around the world have begun their migration and are using ISO20022, with many more to follow by the end of this year.
“We are delighted to be part of the early wave of businesses that have adopted the new standard. It is perfectly aligned with our mission of simplifying cross-border payments, breaking down barriers to international trade by removing unnecessary delays and challenges with reconciliation and by being ready ahead of the deadline our clients can benefit immediately.”
Available to Banking Circle clients using SFTP and API, ISO20022 improves end-to-end processing across domains and geographies that currently use a vast range of standards and information formats. And as a common technical language, it will make it easier for businesses to adapt to changes in the economy, technology and innovation.