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ISO 20022
Universal financial industry message scheme

Payments Standards Evaluation Group

Scope of the Payments SEG

The scope of the Payments SEG includes the messages supporting transactions and business processes related to the following non exhaustive list of financial instruments:

  • Credit transfers
  • Direct debits
  • Cheques

The business areas include

  • Payment initiation: communications between the ordering customer and its bank, etc.
  • Clearing and settlement: interbank transfers via correspondent banking or ACHs, high value payments, low value bulk payments, RTGS, etc.
  • Cash management between of the various actors: account opening, standing orders, transaction and account information, advices and statements from account servicing institutions to account owners along the processing chain, including reporting to the ordering customer and beneficiary customer, reconciliation, exceptions and investigations handling.

 

The actors involved include

  • Private and corporate customers
  • Financial institutions
  • Central banks
  • Clearing houses and RTGS systems
  • Payment factories

 

SEG leadership team

Convenor: Mr. Peter Hoogervorst
Vice convenors: Ms. Charlie Clarke/Mr. Neil Buchan
Secretary: Ms. Aurelie Steeno

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