Expanding the functionality of ISO 20022

In 2009, ISO 20022 restructured and expanded the message sets for payments initiation, payments clearing and settlement, exceptions and investigations and numerous other areas, based on experience in actual implementation and usage experience. The results have been very successful as ongoing versions of the message sets have been updated and built on that base. However, there remain many potential applications for ISO 20022, some of which could help corporates to achieve long-cherished goals.

Currently, message development for specific business needs are underway in the payments domain in four important areas: remittance advice; real-time payments; account switching; and invoice tax reporting.