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Updated: Friday, August 28, 2015

ISO 20022 blazes trail to global, real-time payments

Payments industry globalization reached a tipping point Aug. 11, 2015, when the International Organization for Standardization (ISO) and Payments UK published the first draft of ISO 20022. The harmonized set of XML messaging standards is based on a shared data dictionary and business process model designed to improve efficiencies across global payment platforms. The Federal Reserve described it as "an enabler of a single, common 'language' for global financial communications that can assist organizations in responding to evolving demands."

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