The Importance of Data Structure: ISO 20022 and the Future of Payments

3 The Importance of Data Structure: ISO 20022 and the Future of Payments Contents Introduction 4 Background 5 ISO 20022: A Better Data Model 6 Focus Area 1: Compliance Monitoring and Sanctions Screening 7 Focus Area 2: Operations and Investigations 9 Repair 9 Investigations 9 Focus Area 3: Reconciliation and Data Exchange 11 Support for OBO Payments 11 Remittance Information 12 The Role of ISO 20022 in Citi’s Payment Strategy 14 The Case for Community Adoption of Enhanced and Fully Structured Data 15 Conclusion 16 Melissa Tuozzolo Payments Financial Market Infrastructure (FMI) and Industry Head, Treasury and Trade Solutions, Citi Contributors Hassan Abbas Screening Solutions & Controls, Independent Compliance Risk Management Sanctions, Citi Sadie Gray Analyst, Payments FMI and Industry Initiatives, Treasury and Trade Solutions, Citi Nicholas Lamanna Global Payment Advisor, Treasury and Trade Solutions, Citi Lipi Banerjee SWIFT Relationship Lead, Treasury and Trade Solutions, Citi