Inside SSI | Trends | 1 - ISO 20022: Clean Data, Fewer Errors

ISO 20022: clean data, fewer errors 🧹 📃 Structured fields: ISO 20022 replaces free‑text MT fields with defined address and account elements, making it easier...

ISO 20022: clean data, fewer errors 🧹

* 📃 Structured fields: ISO 20022 replaces free‑text MT fields with defined address and account elements, making it easier for algorithms to validate and screen.

* 🛡️ Pre‑validation & account checks: gpi pre‑validation and account verification APIs catch mis‑typed names and BICs before money leaves the bank.

* 🔍 Richer remittance data: more characters and coded purpose fields improve sanctions filtering and end‑to‑end reconciliation.

* ⚙️ More automation: richer data fuels straight‑through processing and reduces manual repairs.

Why it matters: Dirty data is the root cause of most failed payments. Migrating to ISO 20022 isn't just a compliance exercise; it's a chance to fix upstream data quality and cut both cost and risk.

Topics: ISO 20022, SSI, Payments, SWIFT, Compliance