The future of payments isn’t about choosing between ISO 8583 and ISO 20022. It’s about supporting both.
ISO 8583 remains deeply embedded in card payments, while ISO 20022 is expanding across real-time payments, cross-border transactions, account-to-account payments, and other emerging payment use cases. As these standards coexist, payment organizations need back-office systems that can support both without adding unnecessary complexity.
In a new article for FinTech – Financial Technology Insights™, BHMI CTO Michael Meeks explores why unified support for ISO 8583 and ISO 20022 matters and how it can help organizations:
- Support new payment products and emerging payment rails
- Leverage richer transaction data
- Improve reconciliation, settlement, and exception management
- Modernize incrementally while protecting existing investments
- Build a more flexible, future-ready payment infrastructure
