Thanks to the transnational standard, all payment transactions will be standardised, and the previous multiplicity of procedures will be reduced in favour of comfortable processing and uniform technical norms.

The advantages of ISO 20022 for companies

• Lower administrative burden

  Thanks to the transition to IBAN as an unambiguous account identifier, payment entry errors, clarifications, and rejections by the bank are reduced, lowering the administrative burden on both sides.

• Lower IT budget

  The future standards for order and status notifications make software solutions less complex and easier to maintain.

• More time

  The standardised file validation across banks increases the quality of processing and ensures further time savings.

• More efficiency

  The standardised payment processes permit the automatic identification of payments, thus increasing efficiency. Scanning of the QR code of the new payment slip and the data contained therein, which is always structured in the same way, also contribute to simplified payment entry.

• More security

  Regulatory requirements such as the obligations under money laundering law are upheld by the ISO 20022 standard.