ISO 20022 is an

ISO 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 ...

standard Standard may refer to: Symbols * Colours, standards and guidons, kinds of military signs * Standard (emblem), a type of a large symbol or emblem used for identification Norms, conventions or requirements * Standard (metrology), an object th ...

for electronic data interchange between

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...

s. It describes a metadata repository containing descriptions of messages and

business process A business process, business method or business function is a collection of related, structured activities or tasks by people or equipment in which a specific sequence produces a service or product (serves a particular business goal) for a parti ...

es, 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 Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

and

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...

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 The Unified Modeling Language (UML) is a general-purpose, developmental modeling language in the field of software engineering that is intended to provide a standard way to visualize the design of a system. The creation of UML was originally m ...

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 financial services, tentatively starting in March 2023. Despite many misinformation of the contrary, compliance on this standard is not measured or granted by a regulatory body: "''There is no official certification authority for ISO 20022, and the implementation of ISO 20022 message definitions will depend a lot on the specific requirements of the community that is implementing''." ISO 20022 is the successor to

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 g ...

; originally ISO 20022 was called ISO 15022 2nd Edition. ISO 15022 was the successor of

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 ...

Parts of the standard

ISO 20022 Financial services – Universal financial industry message scheme.

Management of the standard

* The Standard is issued by ISO Technical Committee 68 ( TC68), which is responsible for Financial Services in ISO. * The Standard is managed by Working Group 4 (WG4), a sub-group of TC68 whose charter is "the management of ISO 20022". * The Standard defines a Repository Management Group (RMG) Composed of senior industry experts. It is the highest registration body. * SEG Standard Evolution Group composed of industry experts in specific business domains of the financial industry *

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, ...

is the Registration Authority for ISO 20022. RA is the guardian of the ISO 20022 financial repository.

Adoption

A 2015 report by the United States's

Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...

classified Europe having "mature adopters" of ISO 20022;

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...

Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

, and

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

as having "growing adopters"; and

Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

, the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

, and

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...

as having "interested adopters". The report concluded that the Federal Reserve should push for ISO 20022 adoption within the United States financial system. Australia's New Payments Platform, launched in February 2018, uses ISO 20022 messaging. The Reserve Bank of New Zealand plans to support ISO 20022 from November 2022 onward. In July 2018, the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...

requested comments on the proposed adoption of the ISO 20022 message format in a migration beginning in 2020 and ending in 2023. Nordic countries launched the P27 payment platform.

References

External links

iso20022.org
ISO/TC68/20022/RMG - Registration Management Group: Schema, newsletters, publications, extent of global adoption, presentations {{ISO standards #20022 Market data Financial metadata Financial regulation Financial routing standards

Parts of the standard

Management of the standard

Adoption

See also

References

External links