ISO 20022 XML sounds pretty techie, eh? Well, it is techie. But its not as complicated as you think. Unless you’re a systems developer, chances are you don’t need to know the nuts and bolts of ISO 20022 XML. You need an understanding of what it is, and know where to go for more information.
This post will share in less than 2 minutes what ISO 20022 XML is, and where to go for further information.
The best place to start is the ISO 20022 website. The video on the homepage is brilliant, and there is plenty of useful information which includes a:
Following is a transcript of the video from the ISO 20022 website:
When people communicate they often get confused and end up misunderstanding each other. Take the word football for instance. It might mean one thing to an American, and something entirely different to a Brit.
Well, its no different in the business world where the stakes are way higher. Here a simple misunderstanding can lead to disastrous consequences.
So, how do you improve communication? Make sense of different meanings, standards and formats? And get everyone in the financial sector on the same page? Easy! By using ISO 20022 – the international standard that’s designed to simplify global business communication.
You see ISO 20022 solves communication confusion. How?
Well, it offers a global dictionary of common language that everyone can understand. So information can be processed and exchanged worldwide, clearly and consistently. Making it easier than never to communicate financial information between people and systems.
What’s more ISO 20022 is a free and open standard, which means that anyone, anywhere can add their two cents to the dictionary.
To help write and build solid business standards right across the globe. Not only does ISO 20022 streamline communication for payments, securities, funds, foreign exchange trading and credit card sectors. It also reduces risk, big time!
ISO 20022 because common understanding leads to effective communication and makes doing business a whole lot easier. To learn a whole lot more about ISO 20022 visit one of these websites:
Was that a useful 2 minutes?