ISO 20022: Survival Guide

7 | Treasury and Trade Solutions ISO 20022 brings, not just a new methodology, but also new language. The below are just a few examples that cover how we will now define different parties across the payment chain when using ISO 20022: ISO 20022 Language Debtor Party that owes an amount of money to the (ultimate) creditor. In the context of the payment model, the debtor is also the debit account owner. Creditor Party to which an amount of money is due. In the context of the payment model, the creditor is also the credit account owner. Ultimate Debtor Ultimate party that owes an amount of money to the (ultimate) creditor. Ultimate Creditor Ultimate party to which an amount of money is due. Debtor Agent Financial institution servicing an account for the debtor. Creditor Agent Financial institution servicing an account for the creditor. Forwarding Agent Financial institution that receives the instruction from the initiating party and forwards it to the next agent in the payment chain for execution.