Payments UK publishes ISO 20022 messaging standard for global payments

The first draft is the result of work by the ISO Real-Time Payments Group, made up of 50 global experts supported by Payments UK. Payments UK has been tasked with driving forward the project of developing the ISO 20022 messages required.

While the work of the RTPG is being reviewed across the industry, the group will be busy drafting the next set of ISO 20022 messages needed to support real-time payments. The effort appears to be supported by several international bodies. The Canadian Payments Association has welcomed the idea of a global ISO 20022 message to support immediate payments.

Meanwhile, others see the project as an opportunity to change the way international payments work around the globe, particularly given that many countries and regions are implementing, or actively thinking about implementing, real-time retail payment systems.