Introduction
- 27 Feb 2024
- 2 Minutes To Read
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Introduction
- Updated On 27 Feb 2024
- 2 Minutes To Read
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Non-Production Preview Feature
Features in the Non-Production Preview stage of our release cycle are not implemented in your tenant unless we have made an explicit agreement with you to enable it. For more information, see Mambu Release Cycle - Feature Release Status.
The ISO 20022 standard is a modern payment messaging format which was introduced in an attempt to standardise the rules of payment processing and provide a common language and set of messages for interchange, regardless of geographic region. By 2021, more than 70 countries have adopted ISO 20022 as a format for their regional clearing systems.
Similarly to how you would initiate a SEPA credit transfer, you will now be able to initiate generic ISO 20022 credit transfers through the existing Mambu payments APIs and user interface, which can be easily transformed to comply with regional schemes or sent directly to a local ISO-based clearing system.
The actual processing of ISO-based payment orders is done in a similar manner as described in the Payment Order Flow support article. The executed steps, as well as payment statuses remain the same regardless of the messaging format used.
Supported use-cases:
- Initiating outgoing ISO 20022 Credit Transfers
- Receiving incoming ISO 20022 Credit Transfers Returns and/or Rejections
- Initiating outgoing ISO 20022 Requests for Cancellation (recalls)
- Receiving incoming ISO 20022 Positive and Negative responses to Cancellation Requests
- Receiving incoming ISO 20022 Credit Transfers
- Initiating outgoing ISO 20022 Credit Transfers Returns
- Receiving incoming ISO 20022 Requests for Cancellation (recalls)
- Initiating outgoing ISO 20022 Positive and Negative responses to Cancellation Requests
ISO 20022 Credit Transfers same currency support
Please note that the above use-cases are applicable only for same currency payment messages. Cross-currency ISO 20022 payments are not yet supported.
Please note
Mambu recommends that Incoming ISO 20022 Credit Transfers messages should contain at most 30.000 payments inside a single file. Submitting files with larger amounts of payments may result in delay of processing. In case the volume of payments is larger and cannot accomodate this number, consider limiting the number of payments that are included in a single file and send multiple, smaller files instead.
Please note that as this feature is still in an early development phase (Non-Production Preview). This page does not yet provide extensive usage documentation, as the specific implementation may be subject to change. Please refer to our Mambu Release Cycle support article to learn more about how this feature will progress from non-production preview to general availability. You can begin to familiarise yourself with the new messaging format by visiting the ISO 20022 message catalogue and searching for ‘payments initiation’.
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