NACHA unveiled their ISO 20022 Mapping Guide to assist financial institutions in translating ISO 20022 payment instructions for their corporate customers into ACH payments.
ISO 20022 is the standard for financial service messaging used to describe business processes, such as payments, developed by the International Organization for Standardization (ISO), an international standard-setting body. Globally, some countries and multinational companies already have implemented ISO 20022 payment functionality.
The U.S. ACH Network currently supports usage of ISO 20022 payment remittance messages. To help support U.S. banks with their global customers that need to execute U.S. ACH payments, NACHA developed instructions outlining how to map the ISO 20022 payment files to ACH transactions. The ISO 20022 Mapping Guide standardizes the practice of mapping ISO 20022 formatted payment messages to corresponding NACHA file formats.
