Not only does ISO 20022 streamline communication for payments, securities, funds, foreign exchange trading and credit card sectors. To help write and build solid business standards right across the globe. What’s more ISO 20022 is a free and open standard, which means that anyone, anywhere can add their two cents to the dictionary. Making it easier than never to communicate financial information between people and systems. So information can be processed and exchanged worldwide, clearly and consistently. Well, it offers a global dictionary of common language that everyone can understand. You see ISO 20022 solves communication confusion. So, how do you improve communication? Make sense of different meanings, standards and formats? And get everyone in the financial sector on the same page? Easy! By using ISO 20022 – the international standard that’s designed to simplify global business communication. Here a simple misunderstanding can lead to disastrous consequences.
Well, its no different in the business world where the stakes are way higher. It might mean one thing to an American, and something entirely different to a Brit.
When people communicate they often get confused and end up misunderstanding each other. The video on the homepage is brilliant, and there is plenty of useful information which includes a:įollowing is a transcript of the video from the ISO 20022 website:
The best place to start is the ISO 20022 website. This post will share in less than 2 minutes what ISO 20022 XML is, and where to go for further information. You need an understanding of what it is, and know where to go for more information. Unless you’re a systems developer, chances are you don’t need to know the nuts and bolts of ISO 20022 XML. ISO 20022 XML sounds pretty techie, eh? Well, it is techie.
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