The Future of Card Payments: A Comparison of ISO 8583 and ISO 20022

In the realm of financial transactions, including card payments, two primary messaging standards coexist: ISO 8583 and ISO 20022. Each serves a critical role, but they differ significantly in structure, use cases, and capabilities. This article provides an overview of these differences to help you understand their respective strengths and applications. ISO 8583: The Traditional...

What is ISO20022

Introduction ISO 20022 is the new ISO standard. It was developed and is maintained by ISO/TC 68, the ISO technical committee responsible for standardisation in the field of banking and other financial services. It describes metadata and shares repository that contains descriptions of messages and business processes. The standard covers financial information transferred between financial institutions,...

Artificial Intelligence in BankTech

The Bank of England and the Financial Conduct Authority released their new final report on the Artificial Intelligence Public Private Forum in February 2022. The UK financial regulators emphasised the pros and cons of applying AI techniques. Mainly they focussed on the AI benefits and challenges in the financial sector. https://www.bankofengland.co.uk/-/media/boe/files/fintech/ai-public-private-forum-final-report.pdf Negligent and mercenary use of AI...