With the help of Commerzbank, the Mainz company converted its cash management to the standard payment transaction format ISO 20022. Access is now via the format SWIFT SCORE. Commerzbank manages the payment flows as a so-called SWIFT service office.
This is how it looks in practice: Commerzbank accepts ISO 20022 via SWIFT. Then, it converts the method of payment commissioned into the required target format.
Pay runs at SCHOTT AG are generated and released both centrally and regionally. In return, central system-supported authorisation issue is possible globally.
In addition to payment transactions, ISO 20022 can also be applied to other areas of business, such as securities, foreign trade finance or treasury payments.