ISO 20022 is a multi part International Standard prepared by ISO Technical Committee TC68 Financial Services. ISO 20022 has gained global acceptance as the open standard for payment and messaging and it is being used as the common data model for payments systems and applications around the world.
Adoption of this common standard means the end of customised bank and application specific data mapping routines and multiple messages all providing the same transaction remittance data.
This paper discusses the challenges that ISO 20022 presents and how companies can use AutoRek to ensure compliance with the new standard.
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