JPMorgan Chase & Co. said it has introduced payment initiation and reporting in the ISO 20022 messaging format.

The New York financial company said Wednesday that the format, one of a family of extensible markup languages, improves straight-through processing of payments and other kinds of transactions and lets users integrate their core treasury, payable and receivable applications with their banks and other financial partners.

ISO 20022, under the auspices of the International Organization for Standardization, is the core message standard for low-value payments in the Single Euro Payment Area and the next generation of Swift message formatting for wires and other financial messages.