Simplicity – ISO 20022 uses XML/JSON format that is self-documenting and uses tags to make the contents of the message easily decipherable and accessible without technical expertise.
Flexibility – More data in the message for better decisioning and consumption. Data elements are easily added, deleted or modified to address new digital use cases and divisions of labor necessary to execute on your strategy.
Interoperability - No specialized knowledge or mapping protocols needed, inherent backwards compatibility and XML/JSON is widely used in existing systems with widespread support from software programs and tools.
Over time, DPS plans to support additional and ancillary functions further leveraging ISO 20022 to bring standardization across financial messaging.