SWIFT adopts first ISO 20022 usage guidelines for cross-border payments

Friday 2 August 2019 00:17 CET | News

Financial messaging services provider SWIFT has announced adopting the ISO 20022 financial standard to enable the modernisation of cross-border payments.

The first four Payments Clearing and Settlement (pacs) usage guidelines are now available on MyStandards. These guidelines are available for download in multiple formats and supported by the MyStandards Readiness portal for testing.

The guidelines ensure the quality and consistency of data exchanged on the SWIFT network for FI to FI Customer Credit Transfer, FI to FI Institution Credit Transfer, FI to FI Payment Status Report, Payment Return. The CBPR+ group will continue to define further usage guidelines aligned with the High Value Payment System (HVPS+) guiding principles, ensuring interoperability with domestic high value payment processing.

Further usage guidelines and functionalities to support the adoption of ISO 20022 will include translation rules to and from the existing MT message types; translation utilities in-network, over APIs and as part of integration products; and an interactive and online translation sandbox.

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Keywords: SWIFT, ISO 20022, standard, standard adoption, cross-border payments, B2B payments, financial standard, financial messaging, Payments Clearing, transaction settlement, World
Countries: World