ISO 20022 Insights

What is ISO 20022?

ISO 20022 is an international standard for financial messaging. It provides a common platform for the development of messages using a shared data dictionary and a consistent modeling methodology. It is commonly used for payments, securities, trade services, cards and foreign exchange transactions to improve interoperability and efficiency in financial communication.

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What other technologies are related to ISO 20022?

ISO 20022 Competitor Technologies

ISO 8583

A messaging standard for financial transactions. While not directly competing in scope, it provides an alternative for message structure, especially in card-based transactions.

mentioned alongside ISO 20022 in 23% (257) of relevant job posts

Fedwire

A real-time gross settlement system in the United States. It handles large-value transactions and could be considered a competitor for specific types of payments covered by ISO 20022.

mentioned alongside ISO 20022 in 18% (210) of relevant job posts

FedNow

A real-time payments service in the United States, providing immediate payment capabilities and potentially competing with the scope of ISO 20022 payments.

mentioned alongside ISO 20022 in 25% (114) of relevant job posts

ACH

A US electronic funds transfer system. While ISO 20022 could be used in ACH systems, they also operate independently with existing standards.

mentioned alongside ISO 20022 in 8% (292) of relevant job posts

SWIFT MT

The legacy messaging standard used by SWIFT. It is being replaced by ISO 20022 for cross-border payments.

mentioned alongside ISO 20022 in 18% (85) of relevant job posts

MT

Refers to SWIFT MT messages. The legacy messaging standard used by SWIFT. It is being replaced by ISO 20022 for cross-border payments.

mentioned alongside ISO 20022 in 3% (84) of relevant job posts

ISO 20022 Complementary Technologies

SEPA

A payment-integration initiative of the European Union for simplification of bank transfers. It leverages ISO 20022 for its messaging standards in many of its schemes.

mentioned alongside ISO 20022 in 11% (283) of relevant job posts

CBPR+

SWIFT's strategy to support ISO 20022 adoption for cross-border payments, making it a complementary standard.

mentioned alongside ISO 20022 in 44% (70) of relevant job posts

RTGS

Real-Time Gross Settlement systems can utilize ISO 20022 for messaging. It's a system type that can be based on ISO 20022.

mentioned alongside ISO 20022 in 13% (144) of relevant job posts