Microsoft has become the first corporate user of the Extensible Markup Language (XML) based system that will allow that company to get banking statements from all of its financial service providers in the same format.
The company announced that it has partnered with Bank of America, Merrill Lynch and Citi to develop a common language for receiving banking statements all in the same format; a process set to become an international standard.
The ISO 20022 Common Global Implementation (CGI) is a standard implementation of the ISO 20022 XML messages, which covers a wide range of services including payments, foreign exchange, trade, securities and invoicing for financial transactions processed by the SWIFT network.
"The use of the common standard opens up tremendous benefits for all parties involved," said Microsoft corporate vice president and treasurer, George Zinn.
"For example, the reduction in current shortcomings -- such as maintaining multiple customised pipes; fewer processing errors thanks to consistent formatting standards; and the flexibility to support extended, more complex messages versus the fixed format of yesterday,” he added.
Microsoft claims the financial messaging standard will make financial operations more efficient.