A corporate makes periodic payments to a supplier for services rendered. A single payment can sometimes cover multiple invoices. With ISO 20022, a payment can be sent with remittance data that details one or multiple invoices that a single payment is intended to cover. The vendor can receive confirmation of the payment credited to their…
Use Case Benefit: Enhanced interoperability
A Telco disburses refunds for multiple clients by submitting a bulk payments file to their financial institution. With ISO 20022 capability, each payment message can carry data on what the payment is for, including customer or invoice number and any adjustments (e.g., late payment fees).
A L&H insurer makes a payment to an MGA for commission fees owed that cover multiple corporate clients and coverages. With ISO 20022 payments, remittance data providing a breakdown can travel with the payment, which can be extracted to enable automated reconciliation when the payment is made.