[inkyoto]

Other than bank specific custom extensions, another problem with this standard is its scope and, consequently, its size – it is vast. ISO 20022 breaks down into over 700 what they call «messages» that cover pretty much everything, from the interbank settlements to bank-to-customer account statements.

Another challenge is that different banks may use slightly different versions of the standard messages that are enunciated via the implementation specific concrete XML namespace in the xmlns attribute of the message envelope.

Overall, ISO 20022 is an improvement over MT940/MT942 and friends, although it is not easy to use.

[svapnil]

I'd love to learn more about what you mean about the different xmlns's banks use - haven't seen that one yet.

The must know a lot about ISO20022 payments! I'd love to get in touch with you, if you can please shoot me an email @ [e-mail] :)