The "Common Global Implementation Initiative" (CGI), comprised of global banks, corporates and vendors, was formed to promote the standardisation of global payments. In the course of the European SEPA regulations, companies are already obligated today to execute European payments by using the new standard formats. As of February 2014 (or October 2016 for countries that have a different currency than Euro) only SEPA formats apply for direct debits and credit transfers.
Global standardisation in payments with ISO 20022 XML CGI
Why not go one step further and migrate international payments beyond Europe to standardised ISO 20022 XML formats, as promoted by CGI, too? Especially multi-national corporations face many challenges in regard to trouble-free execution of payments: Many payment instruments, multiple bank connections and regional specifics often lead to a decentralised and complex system that can turn straight-through processing for payments into a thing of the distant future.
Advantages of standardised format
The ISO 20022 XML CGI message format is gaining ground and provides many benefits. The main benefits are: uniform communication with numerous banks, standardised processes in the group that can be better automated, lower costs for payments, quick execution of transactions even if business volume increases, future-proof due to interoperability with other standards.
With our FinanceSuite Payment Management you can already use the standardised ISO 20022 XML CGI formats. Don't hesitate to contact us if you would like to know more.
You can also find an introduction to this topic in our Whitepaper for CGI.