What is it?

ISO 20022 is an international messaging standard for payments.  It enables rich information, such as detailed customer information, to be embedded in a payments message between two ISO 20022-capable organisations.  The intent of this workstream, once it commences, is to assess the opportunity that adopting the ISO 20022 messaging standard would present to the New Zealand ecosystem.

This workstream is presently on hold to allow the industry to focus on other high priority initiatives.  We will revisit the ISO 20022 workstream in mid-2018.

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.  Around the world, many countries are selecting the ISO 20022 messaging standard as a way to deliver this richer payments information.

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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