A telco credits prepaid minutes to its prepaid mobile users who are at the most fraudulent risk for telcos due to stolen credit cards usage. With ISO 20022 Telco providers could instantly receive payment and rich remittance data from prepaid users thus being able to instantly credit prepaid minutes without worrying about fraudulent payments (stolen…
Use Case Benefit: Lower operational costs
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.
An insurer makes a periodic payment to a preferred vendor that covers multiple invoices. With ISO 20022, a single payment can be sent with remittance data that details all the invoices that a single aggregated payment is intended to cover. The vendor can receive confirmation of the payment credited to their account and information on…
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