Barry Kislingbury, Senior Principal Solution Consultant at ACI Worldwide, comments on the first draft of the ISO 20022 for real-time payments standard, which was published by Payments UK and ISO this week. The draft is the result of work by the ISO 20022 Real-Time Payments Group (RTPG) which focuses on creating a global standard for real-time payments.
"To create this first draft within such tight deadlines is a great achievement by the community and all stakeholders. By enabling the interoperability of domestic immediate payment schemes, ISO 20022 could lay the foundations for a global, interoperable, immediate payments environment - which is a very exciting prospect for us all, as consumers and members of the industry.
"The new 'rule book', based on the experience and knowledge of 50 organisations around the world, including ACI Worldwide, will allow others to successfully apply the standard in an immediate payments environment. The first draft, created in just a couple of months, focuses on the messages and workflows needed in this environment and highlights a small number of gaps that the working group will need to focus on, to resolve in the short term.
"This is also excellent news for ACI's customers, as our solution is already fully compatible with ISO 20022 and the new rule book. Customers can be confident that, whether they use us to provide a gateway or part of their central infrastructure, they will be able to interoperate with the rest of the world as they bring their immediate payments schemes online."