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Payments: Specification

The TWIST Payments standards help to automate the processing by banks and corporates of commercial payments. The TWIST standards are identical to the ISO 20022 Payments standards, reflecting TWIST’s belief in globally applicable standards. At this time, thy cover:

  • Credit Transfer Initiation
  • Direct Debit Initiation
  • Payment Cancellation Request
  • Customer Payment Reversal

Alignment and Collaboration Towards Universal Corporate Payment Standards

TWIST collaborates with multiple standard organisations to deliver internally consistent and interoperable standards that show learnings from previous standard initiatives.

As a result of this, TWIST achieved effective harmonization with SWIFT, IFX and OAGi with the delivery of the IST Payments kernel under the ISO 20022 umbrella. Click the following link to view the IST Harmonisation Team Final Recommendations: IST Harmonisation Team Final Recommendations 12 July 2004

At the end of 2005, TWIST was accepted as a Liaison-A status organisation with TC68, which manages the ISO 20022 standards. Since then, TWIST has been part of the ISO 20022 RMG, WG4 and the Payments SEG.

In line with this evolution TWIST has also adopted the ISO 20022 Payments Standards.

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