Lisa Hays, payments expert from BNY Mellon's Global Operations Center in Oriskany, New York, will be participating in a session later today about BNY Mellon's contribution to an innovative ISO2022 XML payment solution developed by a global corporate client at the annual conference of the Association for Financial Professionals (AFP) in Denver, Colorado.
"Regulatory initiatives like SEPA (Single Euro Payments Area), more widespread use of CAMT (Cash Management) messaging, and the onset of Real Time Payments in the U.S. are all focusing increased interest on the use of ISO20022 XML as a global payments solution. Standardization – which is nearly synonymous with ISO – is key to the STP processing called for under SEPA, and XML messaging is a great way to accommodate the additional information that increasingly is accompanying global payment instructions.
"ISO20022 and XML messaging aren't new or novel developments. But putting them to work effectively – developing a solution that works for large, complex organizations with extensive global footprints – pose some considerable challenges.
"With client interest in ISO20022 XML payment solutions growing, this week's session at AFP gives us a timely opportunity to share a payments services provider's perspective on these solutions. We've had great experiences with our corporate clients explaining the investments that these solutions entail, and developing together with them a solid business case to support the specific types of payment services they need as part of their solution.
"This is one of the best kinds of conversations we as bankers can have with our clients, and AFP is the perfect venue for putting our heads together," Hays said.