New ISO 20022 Capabilities Directory Invites Entries

The Business Payments Coalition and Accredited Standards Committee X9 are creating a new reference directory, listing U.S. financial institutions and service providers that offer payment and cash management products and/or implementation services related to ISO 20022. The purpose of the ISO 20022 Capabilities Directory is to publicize the capabilities and readiness of financial institutions, treasury management providers, ERP/accounting software vendors and others to facilitate the adoption of ISO 20022 among U.S. corporates.

Broader U.S. adoption of ISO 20022 for corporate-to-financial institution messages can yield significant benefits to corporates, including:

  • Greater automation and efficiency with more data available for straight-through-processing and reconciliation;
  • Communication with multiple financial institutions using a common set of standards;
  • A common format for all payment types enables least-cost payment routing;
  • Standard business processes across multiple business units and geographies drives operational efficiency; and
  • Standardized payment orders reduce IT investment and maintenance costs, especially with multiple accounting systems and financial institutions.

The ISO 20022 Capabilities Directory will be available on the Business Payments Coalition website. It will provide information on each provider with consistent content and format. Corporate end users can utilize the directory to research providers and understand their options. This will be a free resource. There will be no charge to access the directory nor will there be any submission or maintenance fees charged to providers listed in the directory. The directory will also be updated on a regular basis.

Source: NACHA

How Can Providers Submit an Entry for the Directory?

To populate the directory, organizations will explain their ISO 20022 capabilities by requesting and completing a submission form. The BPC reserves the right to edit listings for consistency or space limitations. Each submitter will have the opportunity to review and approve his/her entry prior to publication. Questions can be directed to Bob Blair at bob.blair@x9.org or Patti Ritter at patti.ritter@mpls.frb.org. The Business Payments Coalition’s goal is to populate the directory and make it available in early 2019.