HERNDON, Va.—NACHA, The Electronic Payments Association, has published an 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, NACHA noted.
The ACH Network currently supports usage of ISO 20022 payment remittance messages. To help support U.S. financial institutions 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.
“NACHA’s ISO 20022 strategy focuses on the current needs of ACH users while planning for the future of the ACH Network,” said George Throckmorton, managing director of network development for NACHA. “The ISO 20022 Mapping Guide is an important step in helping to support ISO 20022 adoption in the United States.”
NACHA – in collaboration with financial institutions, corporations and industry subject matter experts – said it developed the data mapping tool as a first step to defining pathways for greater support of ISO 20022 in the U.S. NACHA plans to extend its mapping guidance to include additional industry needs such as debits, pre-notes, and consumer payments.
The ISO 20022 Mapping Guide is available for download on the NACHA website.