Understanding ISO 8583 and ISO 20022: Evolution and Application in Financial Messaging
Introduction:
NuWave Technologies acknowledges the significance of ISO 8583 and ISO 20022 in financial messaging standards, with ISO 8583 historically serving card-based transactions and ISO 20022 emerging as a comprehensive framework for various financial activities. The article explores their evolution, features, and applications, emphasizing their importance in modern financial ecosystems.
ISO 8583: The Foundation of Card-Based Transactions:
ISO 8583, developed by the International Organization for Standardization (ISO), defines the format and structure of messages in electronic financial transactions.…