|
ISO 15022
ISO 15022 is an ISO standard for securities messaging used in transactions between financial institutions. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a complete and unambiguous way. This results in efficiency, lower costs, and the avoidance of errors. Prior to standardization in this area, there were overlapping standards, or ad hoc approaches where there was a functional gap and no standard. Transition from ISO 7775 to ISO 15022 ISO 15022 replaces the previous securities messaging standard ISO 7775. It provides two syntaxes: one compatible with the preceding standards, and one fairly compatible with EDIFACT. ISO 20022 is the successor to ISO 15022. SWIFT is the registration authority for ISO 15022. In SWIFT financial messages, the standard is applied to variety of message types. ISO 15022 was develop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO Standard
The International Organization for Standardization (ISO ) is an international standard development organization composed of representatives from the national standards organizations of member countries. Membership requirements are given in Article 3 of the ISO Statutes. ISO was founded on 23 February 1947, and (as of November 2022) it has published over 24,500 international standards covering almost all aspects of technology and manufacturing. It has 809 Technical committees and sub committees to take care of standards development. The organization develops and publishes standardization in all technical and nontechnical fields other than electrical and electronic engineering, which is handled by the IEC.Editors of Encyclopedia Britannica. 3 June 2021.International Organization for Standardization" ''Encyclopedia Britannica''. Retrieved 2022-04-26. It is headquartered in Geneva, Switzerland, and works in 167 countries . The three official languages of the ISO are English, Frenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Messaging
A message is a discrete unit of communication intended by the source for consumption by some recipient or group of recipients. A message may be delivered by various means, including courier, telegraphy, carrier pigeon and electronic bus. A message can be the content of a broadcast. An interactive exchange of messages forms a conversation. One example of a message is a press release, which may vary from a brief report or statement released by a public agency to commercial publicity material. History Roles in human communication In communication between humans, messages can be verbal or nonverbal: * A verbal message is an exchange of information using words. Examples include face-to-face communication, telephone calls, voicemails, email etc. * A nonverbal message is communicated through actions or behaviors rather than words, such as conscious or unconscious body language. In computer science There are two main senses of the word "message" in computing: messages ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Industry
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g. Japan), non-financial s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on principles of gift economy and debt. In a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ontology (information Science)
In computer science and information science, an ontology encompasses a representation, formal naming, and definition of the categories, properties, and relations between the concepts, data, and entities that substantiate one, many, or all domains of discourse. More simply, an ontology is a way of showing the properties of a subject area and how they are related, by defining a set of concepts and categories that represent the subject. Every academic discipline or field creates ontologies to limit complexity and organize data into information and knowledge. Each uses ontological assumptions to frame explicit theories, research and applications. New ontologies may improve problem solving within that domain. Translating research papers within every field is a problem made easier when experts from different countries maintain a controlled vocabulary of jargon between each of their languages. For instance, the definition and ontology of economics is a primary concern in Marxist econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Hoc
Ad hoc is a Latin phrase meaning literally 'to this'. In English, it typically signifies a solution for a specific purpose, problem, or task rather than a generalized solution adaptable to collateral instances. (Compare with ''a priori''.) Common examples are ad hoc committees and commissions created at the national or international level for a specific task. In other fields, the term could refer to, for example, a military unit created under special circumstances (see '' task force''), a handcrafted network protocol (e.g., ad hoc network), a temporary banding together of geographically-linked franchise locations (of a given national brand) to issue advertising coupons, or a purpose-specific equation. Ad hoc can also be an adjective describing the temporary, provisional, or improvised methods to deal with a particular problem, the tendency of which has given rise to the noun ''adhocism''. Styling Style guides disagree on whether Latin phrases like ad hoc should be italicized. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 7775
ISO is the most common abbreviation for the International Organization for Standardization. ISO or Iso may also refer to: Business and finance * Iso (supermarket), a chain of Danish supermarkets incorporated into the SuperBest chain in 2007 * Iso Omena ("Big Apple"), a shopping center in Finland * Incentive stock option, a type of employee stock option * Independent Sales Organization, a company that partners with an acquiring bank to provide merchant services * Insurance Services Office, an American insurance underwriter * Intermarket sweep order, a type of limit order on financial markets * Iso (automobile), an Italian car manufacturer Arts and entertainment * Isomorphic Algorithms (ISOs), a fictional race in the digital world of '' Tron: Legacy'' * Iso (comics), a Marvel comics character Music * ''Iso'' (album), an album by Ismaël Lô * Iceland Symphony Orchestra * Indianapolis Symphony Orchestra, Indiana, US * International Symphony Orchestra, of Sarnia, Ontario and Port Hur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EDIFACT
United Nations/Electronic Data Interchange for Administration, Commerce and Transport (UN/EDIFACT) is an international standard for electronic data interchange (EDI) developed for the United Nations and approved and published by UNECE, the UN Economic Commission for Europe. In 1987, following the convergence of the UN and US/ANSI syntax proposals, the UN/EDIFACT Syntax Rules were approved as the ISO standard ISO 9735 by the International Organization for Standardization. The EDIFACT standard provides: * a set of syntax rules to structure data * an interactive exchange protocol (I-EDI) * standard messages which allow multi-country and multi-industry exchange The work of maintenance and further development of this standard is done through the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) under the UN Economic Commission for Europe, in the Finance Domain working group UN CEFACT TBG5. Example See below for an example of an EDIFACT message used to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 20022
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information. The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. The metadata is stored in UML models with a special ISO 20022 UML Profile. Underlying all of this is the ISO 20022 metamodel - a model of the models. The UML profile is the metamodel transformed into UML. The metadata is transformed into the syntax of messages used in financial networks. The first syntax supported for messages was XML Schema. ISO 20022 will be widely used in financia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWIFT
Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, an international organization facilitating transactions between banks * Swift Engineering, an American engineering firm * Swift & Company, a meat processing company * Swifts (aerobatic team), a Russian aerobatic team Transportation companies * Swift Cooper, a British racing car manufacturer * Swift Leisure, a British manufacturer of caravans * Swift Motor Company, of Coventry, England * Swift Transportation, a US trucking company Places * River Swift, a river in England * Swift, Illinois, an unincorporated community in northeastern Illinois * Swift County, Minnesota, a county in west-central Minnesota * Swift, Minnesota, an unincorporated community in northern Minnesota * Swift, Missouri, a ghost town in southeastern Missouri As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registration Authority
Registration authorities exist for many standards organizations, such as ANNA (Association of National Numbering Agencies for ISIN), the Object Management Group, W3C, IEEE and others. In general, registration authorities all perform a similar function, in promoting the use of a particular standard through facilitating its use. This may be by applying the standard, where appropriate, or by verifying that a particular application satisfies the standard's tenants. Maintenance agencies, in contrast, may change an element in a standard based on set rules – such as the creation or change of a currency code when a currency is created or revalued (i.e. TRL to TRY for Turkish lira). The Object Management Group has an additional concept of certified provider, which is deemed an entity permitted to perform some functions on behalf of the registration authority, under specific processes and procedures documented within the standard for such a role. An ISO registration authority (RAs) is not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWIFT Message Types
SWIFT message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and a subset was retrospectively made into an ISO standard, ISO 15022. In many instances, SWIFT message types between custodians follow the ISO standard. This was later supplemented by a XML based version under ISO 20022. Composition of MT number SWIFT messages consist of five blocks of data including three headers, message content, and a trailer. Message types are crucial to identifying content. All SWIFT messages include the literal "MT" (message type/text). This is followed by a three-digit number that denotes the message ''category'', ''group'' and ''type''. Consider the following two examples. Example 1 MT304 * The first digit (3) represents the category. A category denotes messages that relate to particular financial instruments or services such as precious metals (6), treasury (3), or traveller's cheque ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
