Payments DNA

18 Jun 2019 | 4 min read

Standards – Old Problems New Solutions

ISO 20022 is the standard of choice for central systems and the growing instant payment initiatives. As an API based SaaS business for instant payments, we regularly get asked whether we are compliant with ISO 20022, both from new PSPs and incumbents. So are we compliant with ISO20022? Europe is our second home market and we are expanding our services further afield, so the answer is an emphatic, YES!

Form3 is compliant with ISO 20022, but that does not mean that we ask our customers to submit pacs.008 equivalents in API and support multiple versions of that. Nor does it mean we are only compliant for those market practices that explicitly choose to use ISO 20022 messages.

Our API provides ALL the data needed for any market practice and central system we service. The result of this is that we are future proof and ready for any change to global standards or for the emergence of a new one. It keeps our integrations simple, clean and single. A payment is a payment after all.

Putting the complexity of standardisation, maintenance and exception handling on you, when this is not your core business, does not make any sense. Taking the standards up a level provides huge benefits. With each new market you enter, the actual data to be exchanged does not vary that much; the validation rules that are particular to market practices rather than messaging, and message standards are quite limited and always around the same points. Thinking about old world problems in a new way, will free up resources and allow for more focus on what matters; your servicing and ownership of the customer relationship. Food for thought which may lead to a modernized usage of that financial messaging recipe; we are always looking to continue the dialogue and bring new people to the table.

The kitchen is open.


Jolanda Schekermans Product Manager European Services @ Form3 Payments and standards enthusiast.

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