Financial Messaging

Financial Messaging Standards

PayCommerce follows industry standards including ISO 20022, SWIFT MT1xx, MT9xx messages, EDIFACT and the NACHA file format, among others. In addition to networking, messaging standards can apply to anything from a local platform-specific, application-programming interface (API) down to a lower-level communications interface. A message might be composed of just application data, or data encapsulated in your own messaging layer.

ISO 20022

PayCommerce uses ISO 20022; an international standard that aims to enhance communication
interoperability between financial institutions, their market infrastructures, and their end-user communities. ISO 20022 defines a unified standardization approach, which consists of a common development methodology, a common process, and a common repository that are open for use by all financial standards initiatives.

This flexible framework allows PayCommerce, its members and their customers to define message sets per an internationally-agreed approach using internationally-agreed business semantics and, whenever desirable, to migrate to the use of a common XML or ASN.1-based syntax.

Benefits of Standards-Based Messaging

International standards are strategic tools and guidelines to help companies tackle some of the most demanding business challenges, especially payments. They ensure that your financial operations are as efficient as possible, increase productivity and help companies access new markets.

  • Cost savings – Optimize operations and therefore improve the bottom line.
  • Enhanced customer satisfaction – Improve quality and increase sales.
  • Access to new markets – Prevent trade barriers and open up global markets.
  • Increased market share – Increase productivity and competitive advantage.
  • Environmental benefits – Helps reduce negative impacts on the environment.

The PayCommerce Network can intake various standard and proprietary message formats including the SWIFT MT-series and EDI. PayCommerce and its partners are working to adopt ISO 20022 messaging standards. Our commitment to the standardization of payment messages, ensures that our products conform to industry standards and are well-positioned to evolve quickly.