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In this episode, Joe Casali from NEACH dives deep into the world of ISO 20022, the international standard for payments messaging. While ISO 20022 might be a fresh face in the US, its significance can't be understated. Drawing a unique parallel, Joe likens the fervor for ISO 20022 to that of a "mark" in wrestling - someone deeply passionate and invested in the industry's narratives. As the conversation unfolds, it's clear: Joe is all in on ISO 20022, seeing its potential to reshape the payments landscape.
Guest-at-a-Glance
Name: Joe Casali
What he does: Host
Company: NEACH / Website
Key Insights
The Rise of ISO 20022 in Payment Systems
ISO 20022, an international standard for payments messaging, is gaining traction globally. While it's not entirely new, it's becoming more prominent in the US. Various organizations, from SWIFT to the Federal Reserve, are adopting ISO 20022 for their messaging systems. The Clearinghouse's RTP and the Federal Reserve's Fed Now both utilize versions of ISO 20022, showcasing its versatility and widespread acceptance.
The Debate Over "Rich Data"
There's a buzz around ISO 20022's ability to include "rich data" in its messages. However, Joe Casali challenges this notion. While ISO 20022 can carry additional data, the depth and richness of this data are up for debate. For instance, while it can include a URL or a 140-character message, questions arise about the security and practicality of such features.
ISO 20022 vs. EDI: A New Era of Messaging
Comparing ISO 20022 to Electronic Data Interchange (EDI), Joe highlights the evolution of computer-to-computer communication in payments. While EDI had its challenges, ISO 20022 offers a more streamlined approach. Companies can send payment messages directly to financial institutions, ensuring smoother transactions and reducing the need for manual interventions.
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