ISO 20022 Remittance Content Market Guide
The ISO 20022 Remittance Content Market Guide provides guidance on the content of remittance information for business-to-business payments to encourage payers and payees to use consistent data regardless of the payment type. The guidance includes detailed information and real-world examples to assist with the implementation of ISO 20022 and simplify integration into accounts payable (AP) and accounts receivable (AR) systems.
Electronic exchange of remittance data between AP and AR systems helps enable automation. The ISO 20022 remittance data standard, combined with recommended market practices, provides stakeholders with a common definition of data and specific system implementation guidance to increase automation and reduce exceptions and errors.
One of the major benefits of using ISO 20022 is its rich structured remittance data. The guide provides direction to payers, with examples, about what remittance information to include so that payees receive consistent structured data to enable straight through processing.
The ultimate goal of the guide is to provide information to AP and AR software vendors, service providers, and businesses for the design of products and services that send and receive remittance information. The ISO 20022 Remittance Content Market Guide advances a major benefit of ISO 20022: to support automation and straight through processing of remittance data in the U.S.
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