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: Lower operational costs
A corporate disburses funds to customers 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 (e.g., customer account number), invoice number and any adjustments such as early payment discounts.
A biller sends electronic invoices with ISO 20022 request-to-pay functionality for monthly payments from customers who do not wish to set up pre-authorized debits (PADs) from their bank account. Payment links in the e-invoices enable customers to initiate payments with data fields pre-populated with info about the payment (e.g., invoice number).