Re: [webpayments] Expression of monetary amounts (#40)

I fully support the proposal from Matt to use ISO 20022 instead of ISO 8583, for 2 reasons: ISO 8583 is cards industry specific and does not support all payments flows and the cards industry in Europe is in the process to convert all existing ISO 8583 messages to ISO 20022: several sets of messages have already been converted and published as ISO 20022 messages.

Coming back to the question from Matt on the fractional digits, ISO 20022 provides for some flexibility. The CurrencyAmount is actually the validation of the CurrencyAndAmount, which is the "normal" data type used for in most of the ISO 20022 Payments messages, and follows the ISO 4217 standards on currencies.
However, exceptions may be defined and implemented, when justified by the underlying business requirements, the number of fractional digits may be extended, such as the CurrencyAnd30Amount: http://www.iso20022.org/standardsrepository/public/wqt/Description/mx/dico/datatypes/_L8ZcEp0gEeOo48XfssNw8w, which does not validate the number of digits against ISO 4217. This is currently used in corporate action events, where the split of stocks may results in up to 10 fractional digits.

Finally I fully support the use of the dot, only to ensure the interoperability with ISO 20022.


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Reply to this email directly or view it on GitHub:
https://github.com/w3c/webpayments/issues/40#issuecomment-167757850