Rails & networks
What is ISO 20022?
ISO 20022 is the global standard for structured, data-rich financial messaging that is replacing legacy formats like SWIFT MT. It carries far more structured data per payment — purpose, parties, remittance details — which improves straight-through processing, compliance screening, and reconciliation. Major networks are migrating to it on a coordinated timeline.
Richer structured data is the point: it reduces manual repair, sharpens sanctions screening, and enables clean automated reconciliation. Readiness for ISO 20022 is a real migration project for banks and a competitive requirement for payment platforms.