What is it?

Informative transactions refers to payments transactions that are able to carry rich data and information.  The international messaging standard ISO 20022, which is used to exchange electronic data between financial institutions, is one solution to providing informative transactions.

In 2018, a working group looked in detail at the ISO 20022 opportunity.  While merit was seen in the ISO 20022 solution, the working group recommended we take a step back and look at the wider strategic objective of information transactions, particularly as recent developments may mean we could enable informative transactions in a more timely fashion using alternate methods to a full ISO 20022 build.

As a result of this recommendation, a working group will be established to look at the ways informative transactions can be provided across the ecosystem.  By mid-2019 they will have developed a recommendation setting out suggested next steps.

Why are we looking at it?

One of the strategic themes that guides our work for Payments Direction relates to enabling more informative transactions.  We are seeing an increasing demand for richer information to accompany a payment.

Related documents
  • Re-mastering payments messaging - a Payments NZ discussion paper

    A BECS commissioned strategic feasibility study exploring richer file formats and the modernisation of the BACHO file format to a format like ISO 20022.

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