ISO 15022 is an

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 Ar ...

for securities

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. ...

used in transactions between financial institutions. Participants in the

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, ...

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 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''.) C ...

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 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 ...

. It provides two syntaxes: one compatible with the preceding standards, and one fairly compatible with

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 Econ ...

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. ...

is the successor to ISO 15022.

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 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 fun ...

for ISO 15022. In SWIFT financial messages, the standard is applied to variety of

message types 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 ...

. ISO 15022 was developed in 1995 to provide the securities industry with a better tool to create message standards. The previous standard ISO 7775 contained the actual message standards themselves (like the SWIFT message types MT 520 or MT 534), which did not make it easy to make changes to these standards (because each time one needs to pass a number of time-consuming standard cycles). To avoid this, ISO 15022 does not contain the actual messages, but contains a set of rules and guidelines to build messages. If these rules and guidelines are adhered to (checked by the registration authority) the resulting message (format) is automatically an ISO 15022-compliant standard. Examples are the MT103, MT202 Cov, MT540, MT542, MT548, etc.

Parts

ISO 15022 is split into two parts: *ISO 15022-1:1999 ''Securities -- Scheme for messages (Data Field Dictionary) -- Part 1: Data field and message design rules and guidelines'' *ISO 15022-2:1999 ''Securities -- Scheme for messages (Data Field Dictionary) -- Part 2: Maintenance of the Data Field Dictionary and Catalogue of Messages''

Notes

{{DEFAULTSORT:Iso 15022 #15022 Financial regulation Financial routing standards

Transition from ISO 7775 to ISO 15022

Parts

See also

Notes