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in what scenario is iso20022 payments used? would this be for forexample automating payroll?
by victorbjorklund 2y ago
in what scenario is iso20022 payments used? would this be for forexample automating payroll?
- samstave 2y ago> in what scenario is iso20022 payments used I wanted to know this as well - specifically sms based payments if its so easy to wrap payment calls... found this: --- ISO 20022 is a global standard for electronic data interchange between financial institutions, enabling efficient and secure exchange of financial messages. It is widely used in various payment scenarios, including: * Cross-border payments: ISO 20022 facilitates international transactions by providing a common language for financial institutions to communicate. High-value payments: It is used for large-value transactions, such as wholesale payments, securities settlements, and treasury transactions. Retail payments: ISO 20022 is also used for retail payments, including credit transfers, direct debits, and e-payments. Real-time payments: It supports real-time payment systems, enabling fast and efficient transactions. * SMS-based payment initiation: An SMS can be used to initiate a payment, with the payment details (e.g., amount, recipient) encoded in an ISO 20022 message. The message would then be sent to a payment processor or financial institution for processing. Mobile payment apps: Mobile payment apps can use ISO 20022 for payment processing in the background, while the user interacts with the app via SMS or a graphical user interface.