The ISO 20022 message standard is broadly known and used in the European financial industry. This suite of message standards developed by the International Organization for Standardization (ISO), and which can be viewed as a recipe to develop message standards for financial services, is for example used in the schemes.
In the United States, the emerging status of ISO 20022 as a potential international payments standard has caused some confusion about what it is and what it can bring to the Automated Clearing House (ACH) Network. One organisation, NACHA, the Electronic Payment Association®, helps its stakeholders – the 12,000 financial institutions connected to the ACH Network in the U.S. – to understand the benefits of ISO 20022, and promotes its integration in various payment types in the U.S.
Learn more in this Blog by George Throckmorton, from NACHA, about what the association is doing to help promote ISO 20022 in the U.S.
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