All Things ISO
This is the abbreviation of ISO.
What is International Organization for Standardization?
More detailed and structured data to be used for deeper analysis and insights, easier reconciliation and better cash flow management
What are enhanced data insights?
True or False:
Free form address fields have been replaced with structured fields as part of Phase 1.
True -- This has been completed already
Beneficiary, who an amount of money is due, is now known as
What is a creditor?
ISO will improve this.....Name just one!
Risk Management
Operations
Message Management
Name the ultimate party to which an amount of money is due
What is an Ultimate Creditor?
Enables payment systems and platforms around the world to communicate effectively in real time.
What is a universal messaging standard?
True or False:
Wire customers will receive an email with an introduction to ISO 20022 and links to Comerica and industry resources.
True
The Ordering customer is now this name.
I would like a #2 please no onions...
What is the Debitor?
Is ISO being implemented for ACH transactions?
What is no?
Ways we are communicating to our clients about the change.
What is email, TMO, and Relationship specialist outreach?
Prevention of financial crime and fraud with more data in the ISO 200222 message
What is risk mitigation?
True or False:
High volume wire customers should not send any important wires they may have on July 11th.
Ordering institution, who is the FI servicing an account for the debtor is now known as
Is customer action required for this change?
Date for the SWIFT mandated payment global conversion
What is 11/22?
Clearer, more detailed information paves the way for instant payments while reducing errors in processing, resulting in quicker transaction times and fewer bottlenecks.
What are streamlined transactions?
True or False:
ISO formatted payment messages are not stopped for OFAC violations.
False:
All payment message are scanned by Actimize and subject to OFAC review.
A person or initiator who initiates the payment to an agent is now known as..
What is a party?
Name the alternatives that high value wire customers should consider adding before July 14th
What are same day ACH and RTP?
Date that wire transfers will become ISO 20022 enabled.
What is 7/14?
Paves the way for more instant payments, smart payment routing and exciting innovations.
What are new value propositions?
True or False
To send and receive wire transfers, all U.S. financial institutions must transition to ISO 20022 on July 14.
True
Intermediary institution, which is between the debtor's agent and creditor's agent is now known as
What is an intermediary agent?
What payment formats can customers continue to send most payment messages to us in?
What is current or ISO 20022 format?