MX Messages: A Common Language for All
The Single European Payments Area (SEPA) has replaced national payment systems in the Euro area with a common payments message set based on the ISO 20022 standard.
Temenos believes in a connected world. We know that a connected world needs a common language for communication. The ISO 20022 standard defines a set of XML format messages for financial services, which define a common language that will allow connected systems to have an automated dialogue.
We are not alone in this belief, and this standard has support from organizations such as SWIFT, Euroclear, Payments UK and OAGi among others, all of whom have submitted messages for inclusion in the ISO 20022 standard.
While there are benefits to the introduction of a common language of communication; generally, the introduction of ISO 20022 is not being mandated except where there is a genuine business change or market change. A good example of this is the Single European Payments Area (SEPA), which has replaced national payment systems in the Euro area with a common payments message set, based on the ISO 20022 standard.