ISO 20022

ISO20022 – NEW EUROPEAN STANDARD

(SEPA Pain.001, Pain.002, Camt.053, Camt.054)
– Formats for the future?

With ISO20022 sender and receiver of funds “speak” a common language, both domestic and inside the SEPA-area. This will secure safe and effective paymentservices.

In Sweden, the Bankgirot and Plusgiro solutions are being phased out, and customers must switch to the “new Swedish payment infrastructure”. This means that the new XML ISO20022 formats must be used, while the old Bankgirot and Plusgiro formats are being phased out.

What is ISO20022

ISO20022 is an international standard defining the banks paymentservices. Put simply, all banks and customers will communicate using a common standard, creating an effective paymentsystem. This way europayments is transferred just as quickly as domestic payments. The ISO 20022 goal is to secure the same terms for paymentservice both domestically and between EU-countries. We believe this is the format for the future.

XML format

The ISO 20022-standard is XML-based. BabelBank supports the paymentpart of this standard.

Message types support by BabelBank:

• Pain.001 (Outgoing payments)
• Pain.002 (Acknowledgement/rejection)
• Camt.053 (Accountsstatement with details)
• Camt.054 (receipts both for in- and outgoing payments)

How can BabelBank assist you?

If your ERP-system is unable to produce or import the messagetypes listed above, our program BabelBank will be able to help you translate paymentfiles to/from ISO20022. BabelBank can handle files on a format supported by your accountingprogram, and interpret these files. BabelBank is also able to read and write paymentdata directly from and to your databases.

If you have payments in several countries, you can keep to one common format for all countries, while BabelBank can organize these files using the ISO20022 standard.

“BabelBank sparer oss for mye tid, og supporten er suveren”

Dan Isak Olsen / Vegfinans AS