ISO 22000 is an internationally payment messaging standard that is being adopted by a growing number of market infrastructures around the globe.
The research - “The economic benefit of adopting the ISO 20022 payment message standard in Canada” - indicates costs savings could be as high as USD 4.5 billion over five years simply from the elimination of cheques. According to the research, nearly one billion cheques were written in Canada in 2014. Many businesses still use cheques because of the information (invoices, for instance) that can accompany a payment. The ISO 20022 standard, once implemented, aims to allow more information to travel with electronic payments, enabling automation for businesses and financial institutions alike.
Other possible benefits of adopting ISO include payments innovation, more efficient cross-border payments, improved fraud detection, new service line integration for businesses, and more streamlined operations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now