ISO 20022

Standardization and rich data for payments and beyond

ISO 20022 is a new global standard in financial transactions. It uses MX, or XML-based, messaging to deliver more consistent and complete information for all types of financial transactions, enabling greater speed, efficiency and data-rich reporting.

The banking industry is adopting the new standard in phases, and First Citizens will be there to help you through each step.

Key benefits of ISO 20022

As ISO 20022 becomes widely adopted globally, companies will have greater opportunities to benefit from increased consistency and detailed data for transactions.

Faster payments

  • Help improve cash flow and vendor relationships with straight-through processing
  • Gain more accurate visibility into liquidity for managing growth
  • Rapidly identify sanctioned transactions to improve compliance

Data-rich insights

  • Leverage enhanced data to automate compliance reporting, know-your-customer protocols and fraud detection
  • Capture insights to better understand your customers and help improve CRM, segment marketing and more
  • Improve decisions for spend management and forecasting

A Better Approach to Payments
Prepare for ISO 20022

ISO 20022 FAQ
People often ask us

ISO 20022 is a new global standard for financial messaging. It will deliver more consistent and complete information for all types of financial transactions, enabling greater speed, efficiency and data-rich reporting. Financial institutions across the world have already started transitioning to ISO 20022 in phases, with the final phase scheduled for November 2025.

By the end of 2025, a majority of payment methods around the world will be using ISO 20022. Payment types will include domestic wires via Fedwire, cross-border and same-currency payments, and real-time payments through systems like FedNow, CHIPS, SEPA and CHAPS.

ISO 20022 helps standardize the message format for all financial transactions and includes more complete data. Payments can process faster, data-rich insights can help improve business decisions and you can leverage more automation for increased efficiency and accuracy.

You may need to update your processes, depending on your payment use cases. New information will continue to become available that may help determine if your organization will be affected.

If you'll be affected by the migration and need to update your processes, we'll contact you in advance and provide the information and support you need to successfully migrate to ISO 20022.

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