What is ISO 20022?
ISO 20022 represents a major evolution in electronic data interchange within the financial sector, introducing a new international standard that revolutionizes the way financial transactions are processed and integrated into the digital value chain.
It unifies current payment standards, procedures, formats and documents within a single document: the QR invoice. This change enables more efficient transaction management, promoting better integration of interbank exchanges and more agile, secure payment management.
With the adoption of the new ISO 20022 standard, financial institutions, originators and other stakeholders benefit from an ISO 20022 XML format for messages, ensuring uniformity of postal and structured addresses worldwide. Scheduled for gradual implementation, with milestones in November 2025 and already since March 2023 for certain formats such as CFONB 320 in XML format, this standard promises to substantially improve payment management and the security of financial processes on a global scale.
How does ISO 20022 affect you?
The new ISO 20022 standard affects you directly if your business involves the use of enterprise software for financial management, such as transfers, direct debits, notifications and reports, or payment slips.
This standard, which establishes a global framework for interbank exchanges and payment management, uses the XML format to standardize communications between financial institutions worldwide.
Since its launch, it has aimed to simplify and secure financial transactions through the integration of ISO 20022 XML messages, replacing earlier formats such as CFONB 320. By adopting structured addresses and greater precision in originator data, ISO 20022 facilitates day-to-day operations, guaranteeing smoother interaction and improved integration with global banking processes.