ISO 20022 – The new international standard for Swiss payments
The International Organization for Standardization (ISO) has issued a systematic list of message types for the financial industry, under the title "ISO 20022 Financial services – Universal financial industry message scheme".
The goal of the ISO 20022 standard based on XML (Extensible Markup Language) is to achieve global alignment of electronic data exchanges and thereby a higher level of automation in payments processes.
The ISO 20022 standard in payments transactions is divided into various areas of application. The pain and camt messages (pain stands for payment initiation, while camt stands for cash management) are relevant for the customer-bank data exchange. The pacs messages (payments clearing and settlement) are only used in interbank transactions.