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SWIFT Connectivity for Corporate Treasurers 2009

ISO 20022 XML – the story so far is more than just SEPA!

Mark Sutton, Head of Client Integration Consulting Global Transaction Banking, HSBC

Categories: Cash Management, Intercompany Financing, Payments, Strategic Treasury, SWIFT, Technology, Working Capital Management, Technology Articles, Bank Relationships, Receivables

Whilst the ISO 20022 XML journey only really started in June 2003, at SWIFT’s offices in La Hulpe, the progress in terms of harmonisation, coverage and most importantly adoption, has been amazing. Initially driven by a section of the corporate community under the RosettaNet PMP (payment milestone program), it embraced contributions from all of the major stakeholders – the banks, the software vendors, the standards organisations and the corporate community. The primary objective was to drive a single payment standard that could be used globally by any corporate, irrespective of size and sector and by any servicing bank regardless of location.

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