I wanted to know this as well - specifically sms based payments if its so easy to wrap payment calls... found this:
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ISO 20022 is a global standard for electronic data interchange between financial institutions, enabling efficient and secure exchange of financial messages. It is widely used in various payment scenarios, including:
* Cross-border payments:
ISO 20022 facilitates international transactions by providing a common language for financial institutions to communicate.
High-value payments: It is used for large-value transactions, such as wholesale payments, securities settlements, and treasury transactions.
Retail payments: ISO 20022 is also used for retail payments, including credit transfers, direct debits, and e-payments.
Real-time payments: It supports real-time payment systems, enabling fast and efficient transactions.
* SMS-based payment initiation:
An SMS can be used to initiate a payment, with the payment details (e.g., amount, recipient) encoded in an ISO 20022 message. The message would then be sent to a payment processor or financial institution for processing.
Mobile payment apps:
Mobile payment apps can use ISO 20022 for payment processing in the background, while the user interacts with the app via SMS or a graphical user interface.
