ISO 20022 is becoming the new global standard language for financial transactions. In the next five years it will be the main language for high-value payments, supporting 80 % of the volume and 89% of the value of transactions worldwide, as major market infrastructures prepare to adopt the standard by 2021.
A global and open standard, ISO 20022 can be used by anyone in the industry and implemented on any network. It has fully established processes for its maintenance, evolution and governance.
In addition to ensuring interoperability with the many market infrastructure that are moving to ISO 20022, the use of the standard brings a number of regulatory and compliance related benefits. It provides richer data that will enable financial institutions to increase efficiency and develop new value-added services.
ISO 20022 is flexible enough to meet the needs of today and the needs of tomorrow.
Basically, it lets us send ACH, Payments, Positive Pay, Wire all in 1 XML File.
I see Epicor EI already has the SEPA ones, which are slightly different if not identical to the ISO 20022.
Also if anyone from Epicor knows if Epicor Team is working on an ISO 20022 Scheme EI for vNext that would be good to know before anyone decides to write their own. Again the SEPA one looks almost identical! I say almost because I didnt validate the differences yet, maybe it is actually already ISO 20022.
I hope you are doing well.
I am curious to know if you managed to implement XML ISO 20022 file.
We are looking to change our Epicor AR/AP ACH process.
Due to change in service provider, we need to generate those files in “ISO 20022 XML PAIN.001 version 3” format instead of NACHA.
In Epicor, we have this program: Erp\EI\Payment_SEPA_Pain_001_001_03\Payment_SEPA_Pain_001_001_03.cs", but SEPA only works with Euro currency and we are using $US.
Before going thru customization process, I am investigating all options.
Thanks Mark for you reply. I am not comfortable using BAQ and develop in-house solution to handle financial transactions. On a long run, you have to closely monitor it. I prefer to get them from the EI…
What is very surprising for me is that this format (XML ISO 20022) is not available yet in Epicor. I am waiting an answer from Epicor CSG to see what can be done.
We are in the US. And we need to use it only with $ currency. The one you just shared works only in Euros. I got a template of the SEPA XML ISO 20022 (from Epicor) and I ask Epicor CSG if they could convert this program to make it work with $US currency. I looked at all others programs, but no luck so far…
