OMG updates payment standard

The Object Management Group, a computer industry consortium, announced approval of the new Conversion Models for Payment Message Standard.

The standard lets financial institutions convert information from existing financial message formats to ones that comply with the International Organization for Standardization's ISO 20022 Universal Financial Industry message standard.

According to OMG, multiple message conversions often lead to errors and mistakes that cost the industry several billion dollars annually.

About the Author

Patrick Marshall is a freelance technology writer for GCN.

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