ISO 20022 - New standard for payments
From 31st October 2016 all payments in Euro should be sent in accordance with the international standard ISO 20022. The law concerns all businesses with more than 10 employees or over 2 mln Euro in turnover, as well as all companies in the public sector. ZData Pay is a complete solution for handling the new ISO 20022-standard against any bank.
How can ZData help you?
ZData Pay is a complete solution for handling the new ISO 20022-standard. ZData Pay transforms files to and from your accounting system to a format meeting ISO 20022-standard. In addition, ZData Pay has direct integration with a range of accounting programs and in many cases can generate and import payment files directly from the accounting program.
File conversion together with automatic bank integration
For further automation, we offer automatic bank integration with ZData Pay. Shortly saying, this is a solution where files are being sent to and received automatically from a bank without manual operations such as uploading or downloading in the internet bank.
Connection to banks in many countries?
ISO 20022-formats are country-specific, and in most cases also bank-specific. ZData Pay supports ISO 20022-formats for a range of European countries and banks, among which are Norway, Sweden, Denmark, Finland, Great Britain, Germany, the Netherlands, Estonia, etc.
Opportunities with ISO 20022
ISO 20022 provides a possibility for payments to the same vendor be aggregated in order to save bank costs. The details can be sent via an email or by a link so that the receiver gets a detailed information on what they concern. Taking care of the original referances, the ledger will be correctly updated upon reading up the bank receipts.