ISO20022 is the international standard for exchanging financial information. European Union has legally approved this standard to be used as basis for SEPA transfers.
The key players in Russia responsible for developing this standard in Russia is the Working Group called Corporate Market Practice Group (CMPG), established under ROSSWIFT. CMPG consists of representatives from more than 20 largest banks, and several largest Russian corporations.
Central Bankf of Russia is actively involved as well, having established ISO20022 as the main future standard to be used in the Russian payment system.
UniCredit Bank is one of the most active participants of CMPG, and possesses one of the best expertise on implementation of ISO20022 on the Russian market.
Development of this standard in the nearest future will allow all the banks and companies in Russia to move to unified formats of electronic documents, and therefore solve the eternal problem of integrating various Systems used for preparing and processing payments.
Current status of ISO20022 in Russia
- Approved to be used for payments in rubles
- Payments in Foreign Currency conform to the international practices
- Currently the national practice and recommendations for using this standard is being formed
- Payment status formats
- Final and intraday account statements formats
In 2015 the standard will be used for Currency Control documents, and possibly for other types of payments documents.