Standards

ISO 20022 – Use in the US

ISO 20022 is in use by a growing number of US market participants including:

  • FX – CLS (Continuous Link Settlement) and its connected banks since July 2014.
  • Payments in the US
    • Corporate end users since October 2excerpt-2007.
      • Easily more than 2000 corporations (estimated) are now using this standard to connect to US banks for payment operations.
      • First piloted in 2003/4 by the RosettaNet community using a prototype version of the standard. ISO 20022 saw full use for corporate to bank communications by the end of 2007.
      • ISO 20022 is now the method of choice for ERP and TMS applications integration with banks
    • Banks and payment systems:
      • In support of corporate end users and the requirements of payment systems and SWIFT globally as they adopt ISO 20022.
      • NACHA (National Automated Clearing House Association) – For remittance information
      • Fedwire and TCH – For wire transfers (high value payments). In planning for 2020 production.
      • Real Time Payments – In planning for TCH.
    • And globally
      • The Eurozone and the SEPA payment system (Single Euro Payment Area) is the first and largest use, the “poster child” for ISO 20022 payments.
      • A number of US trading partners are live or have plans to go live with ISO 20022 including: Australia, Canada, China, Japan, Eurozone, Singapore and others.
  • Securities
    • DTCC (The Depository Trust and Clearing Corporation) since 2012 for Corporate Actions. Growing use in the US and globally.