ISO 20022

ISO 20022 is a global standard for electronic data interchange between financial institutions, using a uniform messaging methodology to facilitate efficient payment transactions.

ISO 20022 in Travel Payments

Adoption of ISO 20022 in travel payments streamlines the processing of payment messages and transactions across different financial systems, enhancing transparency and efficiency.

ISO 20022 Challenges

Transitioning to ISO 20022 requires investment in technology upgrades and staff training. Travel companies must plan carefully to manage these changes without disrupting operations.

Key Takeaways

- ISO 20022 standardises electronic data exchange in finance.

- It improves transparency and efficiency in payment processes.

- Implementation requires careful planning and investment.