Posted February 7, 2019
The Business Payments Coalition and Accredited Standards Committee X9 are creating a new reference directory listing U.S. banks and service providers that offer payment and cash management products and/or implementation services related to ISO 20022. The purpose of the ISO 20022 Capabilities Directory is to publicize the capabilities and readiness of financial institutions, treasury management providers, ERP/accounting software vendors, and others to facilitate the adoption of ISO 20022 among U.S. corporates.
Broader U.S. adoption of ISO 20022 for corporate-to-bank messages can yield significant benefits to corporates:
- Greater automation and efficiency with more data available for straight-through-processing and reconciliation
- Communicate with multiple banks using a common set of standards
- Common format for all payment types enables least-cost payment routing
- Standard business processes across multiple business units and geographies drives operational efficiency
- Standardized payment orders reduce IT investment and maintenance costs, especially with multiple accounting systems and banks
The ISO 20022 Capabilities Directory will be available on the Business Payments Coalition website. It will provide information on each provider with consistent content and format. Corporate end users can utilize the directory to research providers and understand their options. This will be a free resource: there will be no charge to access the directory nor will there be any submission or maintenance fees charged to providers listed in the directory. The directory will be updated on a regular basis.
How can providers submit an entry for the directory? To populate the directory, organizations will explain their ISO 20022 capabilities by requesting and completing a submission form. The BPC reserves the right to edit listings for consistency or space limitations. Each submitter will have the opportunity to review and approve his/her entry prior to publication. Questions can be directed to Bob Blair at firstname.lastname@example.org or Patti Ritter at email@example.com. The Business Payments Coalition’s goal is to populate the directory and make it available in early 2019.
Take advantage of this unique opportunity to publicize the ISO 20022 capabilities your organization can offer to corporate clients.