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Faster Payments today uses the ISO8583 messaging standard, however, so developers need to ensure that solutions can migrate from ISO8583 to the globally recognized ISO 20022. According to Faster Payments, a resource to help developers map between these two messaging standards is also aligned with the U.K.’s
There is a lot of blurring between the ISO8583 format and ISO 20022 format, which starts to move you towards the commercial banking side,” he said. But the changing payments landscape means the payments testing software firm is also evolving.
In addition, the designs assume that authorities should have a way to find both counterparties associated with every transaction, for example, if such knowledge might be useful to an investigation.
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