What is ISO 20022 simple explanation? Web3 & Blockchain
ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction. We have compiled a list of questions frequently asked about ISO 20022 by members of the Swift community.
What is the objective of ISO 20022?
With ISO 20022, a common language and model for payment data has been established. With ISO 20022, data will become richer, more structured and standardized. This is enabling efficient processing, interoperability between Market infrastructures, more efficient monitoring and improved reconciliation.
What is ISO in layman’s terms?
ISO (International Organization for Standardization) is a worldwide federation of national standards bodies. ISO is a nongovernmental organization that comprises standards bodies from more than 160 countries, with one standards body representing each member country.
