For those who proudly consider themselves payment geeks, NACHA posted a whitepaper you may want to add to your holiday reading or the list of things to do while the office is quiet(er) and the phone isn’t ringing quite so much. This is an introduction to the ISO 20022 messaging standard which will be the basis for ACH transactions. It will most likely play a role in the faster payment platforms being considered or constructed. A summary of the white paper appeared in BankingTech:
US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
According to Nacha, there is a “frenzied dialogue” among financial institutions, businesses and related providers and “a lot of confusion” about what the standard is and what it means for the ACH Network.
The whitepaper can be found on NACHA’s website: ISO 20022 Resource Center
Happy reading.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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