Payments technology developers and regulators are beginning to voice their support for ISO 20022, the payments messaging standard that proponents say can streamline global payments with an easier way to link data to a transaction.
Analysts have recently highlighted ISO 20022’s role in Europe’s Single Europe Payments Area initiatives, while NACHA and the Federal Reserve have each championed the messaging standard for the U.S. SWIFT has similarly taken to boosting ISO 20022’s adoption within Canada, too.
Up next is Switzerland.
On Monday (April 18), reports emerged that Switzerland has officially launched its new interbank payment system, SIC, which uses the ISO 20022 messaging standard in an effort to streamline and reduce friction within corporate banking and payments.
SIC has been in operation for decades, according to reports, but Swiss officials recently overhauled the infrastructure for the Swiss National Bank and the Swiss financial center. Reports said 350 participants have been onboarded to the new SIC, which was developed by market operator SIX.
Using ISO 20022 allows participants to collaborate and connect with their corporate customers on the platform. SIX noted that the overhaul was part of an effort to reduce some of the complexities of a legacy payments infrastructure.
Reports highlighted the recent release of guidelines developed by the ISO 20022 Registration Management Group that help markets adopt the messaging standard in a unified way. Its first guidelines focus on interbank messaging, key in cross-border B2B payments.