ISO 20022: Survival Guide

ISO 20022: Survival Guide | 12 Remember: • The High Value Payment System (HVPS+) defines how ISO 20022 will be used in regional clearing systems • Cross-border Payments and Reporting Plus (CBPR+) guidelines define how ISO 20022 should be used for cross-border payments and cash reporting on the SWIFT network. New Elements The new ISO messages have additional fields for On-Behalf-Of (OBO) payments, Extended Remittance Information etc. Previously if a party wanted to enter data that didn’t have a designated field, they were forced to input that information somewhere else in the message. Now data such as remittance information has a specific place. • The ISO 20022 message format if also an open standard (controlled by SWIFT) — allowing the addition of business elements when needed. Enhanced Data Model Extensible financial language that accommodates local practices and their variants. We can see this through the multitude of different guidelines available for different payment types. • High value payments: HVPS+ guidelines • Cross border space: CBPR+ guidelines • All of these are based on a common language and are therefore, more interoperable X cture