What’s the Big Deal with ISO 20022?

SIBOS, the global event that brings the financial world together to discuss significant industry issues, exchange ideas and views, learn, network and execute business, is now fast approaching and with it – growing excitement around ISO 20022. News of the Federal Reserve Banks imminent announcement of a timeline and approach for converting the U.S. wires systems is expected at the conference hosted by SWIFT. Developments from other geographies like Canada and Australia are also anticipated…So why all the hype? What is ISO 20022? What does it offer?

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Insights + Intel from PAYMENTS 2015 New Orleans – Part II

In my last post in this two-part series on the 2015 NACHA Annual Conference, I highlighted topical sessions from PAYMENTS 2015.

Beyond the educational content, there were many informal dialogues in the sidelines of the conference. Likewise, the exhibit hall had constant and flowing foot traffic. Although no particular stand stood out from my perspective, I was definitely drawn to one particular booth – Linked2Pay. Maybe it’s because the kid in me loves the cartoons, or perhaps it’s the value proposition with business-to-business (B2B) payments, but it’s a company to check out.

Linked2Pay

 

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Insights + Intel from PAYMENTS 2015 New Orleans – Part I

This is the first in a two-part series blog recapping highlights from the recent NACHA Annual Conference

NACHA 2015 Reception

(From L to R) Nasreen Quibria, Founder of Q insights, Magnus Carlsson, Manager, Treasury & Payments of AFP, Rob Unger, Senior Director of NACHA, and Jan Estep, President & CEO of NACHA

 

Didn’t get a chance to attend this year’s PAYMENTS 2015 conference? Q INSIGHTS was there for all the action to bring key themes and observations from the event to you.

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What is NACHA’s immediate plans for ISO 20022?

ISO 20022 is being lauded for its potential to re-engineer the payments industry. It could one day replace a fragmented landscape of standards to offer global coherence and interoperability. New payment market infrastructures initiatives are being designed based on the foundation of ISO 20022; there is also an increased adoption of the standard by financial institutions and businesses beyond the Single European Payments Area (SEPA). Now the question is, where do we stand in the U.S. with ISO 20022?

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ISO 20022 remittance exchange holds promise

One of the biggest headaches that companies face today is the posting and reconciliation of payments. Details such as invoice number, customer account, and other key information that help explain the purpose of the payment often do not travel with the payment. In turn, this fragmented flow of remittance data leads to inefficiencies and errors related to the manual re-keying of information. Exacerbating the exchange of business-to-business (B2B) remittance data are the multiple business formats and industry practices for remittance information, combined with competing standards and proprietary technology.

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