Did you know that the planned Real Time Retail Payments Systems (RT-RPS) systems for Brazil, Poland, Sweden, Singapore, Denmark, Australia, and Japan will all use ISO 20022 XML standards? Other countries that have already adopted RT-RPS systems such as South Africa, China, and Switzerland also plan to adopt ISO 20022.
Why are so many countries choosing to use ISO 20022 XML standards?
- ISO 20022 provides a common framework due to its standardized message structure.
- Non-Latin characters are supported in its Unicode format. The same message structure can be used in countries such as the United States and in countries that use double byte characters such as China.
- Inherent variability for payment instruments is permitted in the standard to support a variety of payment types without requiring modification
- More remittance information can travel with the payment due to remittance structures included in the ISO 20022 XML messages.
So how can companies prepare their payments strategies to be best positioned for this industry clearing trend? What should they be doing in their payment strategies and implementations to take advantage of this trend? To hear more about how SAP solutions can help you take advantage of this trend, join me for my session, “Demystifying the Payment Medium Workbench” at SAPInsider Financials2016 in Las Vegas this March 2016.
Better yet, meet with me in private to ask me anything you wish about your payments strategies. Text MeetAmber to 44222 to set up a private meeting with me at the SAPInsider Financials 2016 conference.