As consumers flock to digital and P2P payment methods, the need for more robust messaging has come to the forefront. The top-line messaging standard for electronic data interchange (EDI), ISO 20022, describes and transmits information about financial services and includes both a metadata repository and a maintenance process for the repository content. If the previous sentence dried your eyes up just a little, you might wonder: What is all the fuss around a messaging standard? To learn more about what ISO 20022 actually is, what it does, why companies are implementing it, and how it is being used, PaymentsJournal sat down with Jack Baldwin, Chairman of BHMI, and Steve Murphy, Director of Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.
What’s All the Excitement around ISO 20022?