ISO 20022 enhances payments with global messaging standard

New Payments Academy video shows how ISO 20022 transforms payments for banks, businesses and their customers.

ISO 20022, an international financial messaging standard designed to enhance payment processing, allows for the inclusion of richer, more structured information to travel with each transaction, resulting in transformative benefits for banks, businesses and their customers.

Payments Canada has released a new video that provides an engaging and accessible explanation of how ISO 20022 improves payment efficiency, enhances data quality and allows for more seamless transactions. The video highlights different use cases and demonstrates how ISO 2002-enabled payments benefit Canada’s payment ecosystem. Available in both English and French, the video is another tool to share and empower consumers, businesses and banks to make smarter, more informed financial decisions about using ISO 20022.

Payments Canada is playing a leadership role in the adoption of ISO 20022 in Canada and managing usage guidelines for our payment systems in alignment with global standards. As part of our commitment to supporting the payment ecosystem’s transition to ISO 20022-enabled payments, we have released a new video that explains the benefits for Canadians banks, businesses and their customers.

This new video is part of Payments Canada’s  Payments Academy video series meant to raise awareness of the importance of payments and to build a stronger foundation and understanding of the payment ecosystem in Canada. These videos and more educational information are available on the Education, ISO 20022 and YouTube pages.