What is ISO 20022?
ISO 20022 is an international report standard for payment systems that will replace old, national and proprietary formats and standards for payment messages.
How does ISO 20022 affect Norway?
The introduction of ISO 20022 is regulated in Norway by legislation, the Finance Act, Section 9, 3rd paragraph. All file-based EUR payments made by public administrations and larger corporations (with more than 10 employees or turnover is in excess of EUR 2 million) must be compliant with the standard by 31 October 2016, which is often referred to as the SEPA End Date.
Objective for the introduction of ISO 20022
A collective international standard for file-based financial message exchange, covering the entire value chain from customer to bank, bank to bank and bank to customer.
Relevant terms to ISO 20022: SEPA