Iso 20022 Xml Format Bank Of America
To provide for the more efficient operation of the single euro payments area in the European Union, the European Parliament adopted Regulation 260/2012, according to which the data interchange between the client and the bank must use the message formats based on the ISO20022 XML standard.The regulation is applicable to companies who send payment instructions to the bank and receive information on the payments as files.
What Is Iso 20022
How To Save In Xml Format
Posted by (SAP FICO (Financials) - Senior Consultant)on Jul 20 at 6:38 PMHi, we've just implemented the ISO20022 XML format. The best way to get started is to run transaction DMEE, enter tree type PAYM and then select one of the format trees SEPACT, SEPACTCML or SEPADD. When you display these formats, you can see how the XML file is made up. To actually generate a test XML file, attach one of these formats to a payment method ( in FBZP, 'payment methods in country', select the radio button 'use payment medium workbench', and enter the DMEE format for example SEPACT).
Those 'SEPA' payment medium workbench formats provided by SAP are 'off the shelf' for creating Euro payments to IBAN numbers and would need to be modified for other currencies / bank account formats. Our bank is Citibank and they have provided us with 'off the shelf' DMEE formats for generating ISO 20022, and this has been a big accelerator in our implementation of ISO 20022 XML.-Original Message-From: AVSent: Tuesday, July 19, 2011 1:36 PMSubject: ISO 20022 XML format for Banking InterfaceHello All,I was told by Bank of America that currently all Banks have new technology called ISO20022 XML like EDI. Has anyone had a chance to work on this? If so, can you please share your experience on how different it is from EDI and what are the benefits.Thank You. Copyright © 2011 Toolbox.com and message author.4343 N. Scottsdale Road Suite 280, Scottsdale, AZ 85251.