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After seeing the term "ISO 20022" mentioned a few times in communications from my Swiss bank, I've gotten curious as to just what ISO 20022 is. How does it affect my bank (and therefore me)?
Hi there,
The ISO 20022 is a series of standard laid out by the International Standards Organization aimed at standardizing communications between banks, allowing for faster transactions. In Switzerland, banks began to apply this standard to CHF credit transfers in 2016.
The primary effects which implementing ISO 20022 have on banks is financial, with major investments required to upgrade systems to comply with this standard.
Best regards from Moneyguru
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