XML (Extensible Markup Language)
What is XML (Extensible Markup Language)?
XML is a versatile markup language designed to store and transport data in a format that is both human-readable and machine-readable. It uses a system of custom tags to define the structure and meaning of the information it contains, making it highly adaptable for various applications. In the payments industry, XML is a foundational technology for many messaging standards, including ISO 20022, which facilitates global financial communication.
Why It Matters
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It enables seamless data exchange between disparate financial systems by providing a common, structured format for transaction details.
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Developers can create custom schemas to ensure that payment data adheres to specific regulatory or business requirements.
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The hierarchical structure of XML allows for the inclusion of rich metadata, which improves the transparency and traceability of complex financial transfers.
