ISO 20022 is transforming the global payments landscape, bringing faster, more transparent, and efficient transactions. This page outlines key information about ISO 20022, its benefits, and what to expect throughout this process.

ISO 20022 is a global and open messaging standard that enables financial institutions and their customers to exchange structured messages with rich financial information across multiple jurisdictions and payment networks.

Championed by SWIFT and other major market infrastructures globally, this new standard replaces older and fragmented message formats with a common language covering a wide range of transactions, including payments, securities, trade finance and FX. 

The ISO 20022 standard supports richer and better structured data, providing organisations with several benefits:

• Richer Payment Data: More structured and detailed information
• Enhanced Reconciliation: Standardised formatting increase machine-readability and promote automation
• Greater Transparency: Richer and better structured data helps with screening and fraud detection
• Seamless Integration: A universal format improves interoperability across banks and clearing systems

ISO 20022 will be implemented through a phased rollout aligned with industry timelines. DBS is committed to support our clients through this transition.