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ARTICLE · 17 AUGUST 2015

First Draft Of ISO 20022 Standard For Real-Time Payments Released, Raises Potential Privacy And Security Concerns

McCarthy Tétrault
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As part of a multi-year initiative to modernize Canada's national payments infrastructure, the Canadian Payment Association (CPA) is looking to incorporate ISO 20022 in Canada...

CanadaPrivacy
Ana Badour
Ana Badour
Kirsten Thompson
Kirsten Thompson
Emma Sarkisyan
Emma Sarkisyan
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On August 10, 2015 the International Organization for Standardization (ISO) Real-Time Payments Group (RTPG) published for review and comment the first draft of the ISO 20022 Standard (ISO 20022).

As part of an international project to harmonize standards for cross-border real time payments, over 50 global experts at RTPG worked on developing ISO 20022 to support interoperability between real time payment systems across the world. Once implemented, participating financial institutions will be able to use more consistent terminology through the use of a common set of messages and language for global payments clearing and settlement. ISO 20022 is an open voluntary standard that any financial institution can use.

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