SWIFT is working with banks and corporates to implement the ISO 20022 cash management and payment initiation standards. The development of these XML-based standards results from a joint effort between SWIFT and the standardisation organisations IFX, OAGi and TWIST.
Participating corporates include Arcelor Mittal, Danone, Gaz de France, General Electric, Microsoft, together with the banks ABN Amro, Bank of America, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, JPMorgan Chase, Mizuho, Nordea, Royal Bank of Canada, Standard Chartered Bank Ltd., SociÃ©tÃ© GÃ©nÃ©rale.
The group will define best practices around the implementation and use of the standards with the ambition to pilot in the second half of 2007.
ISO 20022 corporate to bank standards are global and applicable across industries. They improve STP since they cater for comprehensive and structured information. These standards are aligned with the interbank ISO 20022 payments standards which will also enable SEPA.
Julie Monaco, Senior Vice-President and Core Cash Management Business Executive, JPMorganChase, Member of the Corporate Access Group said, âCorporates have been consistently asking for XML for some time now. We want to collectively come up with a solution that meets their needs.â
Johan Kestens, Head of Marketing, SWIFT commented, âThe ISO 20022 standards offer important benefits for corporates and financial institutions. The rich information and functionality allows for better STP and reduced cost.â