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For a few years the corporate banking space has been discussing the potential for ISO 20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. But, according to Nordea, obstacles remain for ISO 20022 to take off as a paymentsmessaging standard and provide corporates the efficiency they need.
The ISO 20022 paymentsmessaging format can be an instrumental component to global payments standardization, particularly as industry heavyweights like SWIFT promote its adoption. Second, there is likely to be more choice, and therefore more complexity, in payment partners, including both banks and third parties.
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