ISO 20022
What is ISO 20022?
ISO 20022 is an established global standard for payments messaging which is being adopted by all Payment Service Providers in the UK.
It will deliver a common language and model for exchanging payments data, providing higher quality information than current messaging standards. Most payments to and from the European Union are already based on this standard.
What are the benefits of ISO 20022?
The main benefit of ISO 20022 is a better payments experience for customers with:
- direct improvement on efficiency and compliance
- harmonisation with international payment systems
- improved user functionality
- stronger risk management
- opportunities for innovation
We’re working on our migration approach to ensure our customers experience a seamless transition to the ISO 20022 standards. As part of this we’ve aligned processes with our partners at NatWest Group.
For more information about ISO 20022, please contact your Relationship Manager or visit the NatWest ISO 20022 webpage.
Further information is available on the NatWest website. Isle of Man Bank is a member of NatWest Group.