An international, XML-based messaging standard for exchanging financial data between banks and their clients. It covers payments, account reporting, securities, trade services, cards and foreign exchange.
ISO 20022 replaced a patchwork of national and proprietary formats with one structured standard, carrying far more detail per transaction than the older SWIFT MT messages. That richer structure is what makes automated reconciliation possible.
Switzerland migrated its domestic payment traffic to ISO 20022 between 2018 and 2022, retiring the old DTA and ESR formats. CAMT, PAIN and SEPA messages are all ISO 20022.
