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
fulluse 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 valuepayments). In planning for 2020 production. Real TimePayments – 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 andothers.
- DTCC (The Depository Trust and Clearing Corporation) since 2012 for Corporate Actions. Growing use in the US and globally.