Deutsche Bank Upgrades Corporate-to-Bank Payments Messaging

Deutsche Bank Upgrades Corporate-to-Bank Payments Messaging

Deutsche Bank has launched its Extensible Markup Language (XML) ISO 20022 version 03 format messages for corporate-to-bank communication, in order to support the standardization of accounts payables workflows with banks.

This rollout builds on the November introduction of the XML ISO 20022 version 03 for SEPA payment instruments and focuses on the support of the XML payment initiation messages outside of SEPA, based on the harmonized implementation guidelines published by the Common Global Implementation (CGI) initiative. Deutsche Bank is supporting agreement on a common data usage in the XML format for local and global payment instruments.

This launch of XML ISO 20022 version 03 is a milestone towards a global format standard in the corporate-to-bank communication, says David Watson, head of client access for Global Transaction Banking at Deutsche Bank. This single harmonized format approach complements the strategy of many corporate treasurers towards standardization and centralization of their accounts payables workflows with their banks. Additionally, it can result in cost savings as less customization is required.

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(CM)