StanChart champions ISO 20022 XML for seamless cash reconciliation

It reduces the need for banks to manually intervene in the process, the bank said.

Standard Chartered says that the ISO 20022 XML messaging format to reduce friction in account receivable reconciliation and cash allocation processes.

“The standard supports the inclusion of richer and more structured data, which translates to greater visibility of the payment details and enhances the potential for further automation and speed of payment settlements,” Standard Chartered said in a press release.

This reduces the need for banks to manually intervene in the process, making near real-time, cross border wholesale payments a reality, the bank added.

Structured data is the backbone for predictive and prescriptive analytics, providing treasurers insights into cash flow trends, liquidity management, and risk mitigation, Standard Chartered said.

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