ALEXANDRIA, Va. – Changes are coming to payment standards for petroleum retailers in the form of ISO20022, which will upgrade the current foundation of ISO8583. A free webinar, rescheduled for Thursday, July 28, from 12–1 p.m. EST, will provide the details on what those changes are and how retailers will be impacted.

Over the past three decades, payments have undergone considerable alteration. The bottom line is that most merchants are using specifications that, at the foundation, are 30 years old. While adjustments have been made for petroleum and other industries, the core specifications remain largely unchanged.

Retailers may have already encountered some snags as they implement different payment systems and work with a variety of payment vendors. For example, one partner might define a proprietary field differently, or a vendor’s code set might require translation to integrate into the retailer’s system. The current basis, ISO8583, has served the industry well, but ISO20022 is on the horizon and promises to be a more comprehensive standard.

Sharon Scace, chair of the Retail Financial Transaction Committee at Conexxus, will present the webinar, which will provide a high-level overview of the ISO20022 standard, with a focus on the Conexxus/IFSF/next work that has been completed, plus a review of the work still in progress to ensure that petroleum is included in the base standard. The webinar also will highlight some of the new features in ISO20022, with which implementers will be able to take advantage.

Register for the free July 28 webinar here.