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).
Use Case Benefit: Reduction in cheque use
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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