Payments are entering a new era with ISO 2022, the new language for domestic payments and correspondent banking. Incorporate customers are set to benefit thanks to the advanced reconciliation and treasury opportunities the new standard makes possible. Let's take an example. Coffee Co is a boutique importer, roaster and distributor of coffee beans based in London. Coffee Co's supplier in Indonesia has asked to be paid in US dollars to its local account. Coffee Co is happy to do this, and to make life easier has agreed with its supplier to aggregate multiple invoices into a single payment. The batch of invoices to be paid includes one invoice that is not correct and needs adjustment and a credit note from a previous transaction that needs to be reconciled. Coffee Co would like to present all this information in a single instruction with the single payment setting the entire net amount outstanding. Using today's MT standard, they would not be able to do that. There's not enough room in the remittance field to describe all that is needed in a structured way that can be automatically processed. With an ISO 2022 based instruction, though coffee co can pay all outstanding invoices, apply a credit note and contest a line item on an invoice. A single payment can describe multiple rich, structured elements, including dedicated fields to differentiate between commercial invoices, credit notes and invoices that need adjustment. The clear local purpose codes required to report to the Indonesian regulator, uniquely identify invoices in the buyer's ERP for easier reconciliation, and in cases of dispute, the amount to be adjusted in reason for adjustment. All parties in the payment chain know exactly what is being paid and settled, and there is no need for a single phone call or email. All this information can be reconciled and immediately posted to Coffee Co and its supplier's ERP system, significantly driving supply chain and working capital efficiency. This already, and with the adoption of ISO 2022 in corresponding banking and all major reserve currencies into in payments will be rich and structured, enabling the next generation of Treasury services and a new era for corporate payments. ISO 2022 quality data means quality payments.