What is ISO 20022? The common language banks use for payments
By SendPay Business · · 2 min read
ISO 20022 is an international standard for the messages that banks and payment systems send each other. Think of it as a shared language: it sets out how a payment's details, such as who is paying, who is being paid and why, are written down and passed along.
Why it matters
Older payment formats had little room for detail and different systems used different formats. ISO 20022 carries richer, structured data, so payments are easier to check, match and screen.
Who is using it
Major payment systems around the world have been moving to ISO 20022, including SWIFT for cross-border payments and the UK's CHAPS system for high-value payments.
What it means for businesses
- Fuller payment references make reconciliation easier.
- Structured names and addresses can help payments pass checks first time.
- Better data can help banks spot fraud and errors.
Where SendPay fits
SendPay platforms include GBP, EUR and USD accounts and transfers under your own brand, powered by licensed partners that connect to the payment systems for you.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.