ISO 20022

  • A standard for creating financial messages for use between financial institutions and other market participants.
    • Gradual adoption over past 15 years => becoming global standard for domestic & international payments
  • The standard currently covers payment transactions, securities trading, settlement information, credit, and debit card transactions.
  • ISO 20022 is organized so that common business processes are identified independently of messaging standards and referenced in message definitions to ensure consistency and reduce ambiguity in financial communications.
  • Used in ACH, RTP, and RTGS (Fedwire) systems
    • Provides a standardized ACH message structure for processing credit and debit messages and supports automatic translation from different message formats, including CCD, CTX, PPD, IAT and SAME Day ACH to one consistent and standard messaging format
  • Designed to be highly extensible - sets out a structure and framework for developing consistent standards across the financial industry but does not limit the business processes that can be created to leverage the framework.
    • This improves STP (Straight through processing, ie no manual intervention) internally and externally => better integration avail to ERP’s and other related systems
  • The standard also should help with the shift to Open Banking and API adoption


EMV (Europay, Mastercard, Visa)

EMVCo is a global technical body that facilitates worldwide interop and acceptance of secure payment transactions by managing and evolving the EMV Specifications. EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa. More Overview

ISO Magnetic Stripe

  • The magnetic stripe on the back of credit & debit cards in the US
  • Largely phased out (replaced by EMV tech)

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