ISO

ISO20022

What is ISO 20022?

ISO 20022 is a multi part International Standard prepared by ISO Technical Committee TC68 Financial Services. It describes a common platform for the development of messages.

A single standardization approach (methodology, process, repository) to be used by all financial standards initiatives

What will ISO 20022 do?

  • Development: Development of new Message Definitions and process.
  • Maintenance: Maintenance of registered Message Definitions and process.
  • eForum Maintenance: Access the request forms and documents required to initiate the process

What are the different messages catalogue?

  • Business Domain Catalogue
  • Additional Content For the Message
  • Advance Information on Candidate Message Definitions
  • Message Archive

NOTE: This blog is mainly into Business Domain Catalogue related to “Payments”

What are the various domains covered under “Business Domain Catalogue”?

  • Payments
  • Cards
  • Securities
  • Trade Services
  • Foreign Exchange

What is covered under “Additional Content For the Message”?

  • Business Application Header(BAH)
  • Data Source Schema
  • External Code Sets
  • ISO 20022 – Real Time Payments Group
  • Supplementary Data Extension
  • Variants

What is covered under “Advance Information on candidate message definitions”?

  • Cards and Related Retail Financial Services
  • Payments
  • Securities

What is covered under “Message Archive”?

This section contains the previous versions of the ISO 20022 Message Definitions and their documentation.

What is ISO 20022 Repository?

The ISO 20022 Repository consists of two major parts: The Data Dictionary and The Business Process Catalogue
The Data Dictionary:
Contains Business Concepts, Message Concepts and Data Types. All these items are reusable and are called Dictionary Items. The Data Dictionary as a whole is under release control.
The Business Process Catalogue:
Is organised in Business Areas. The communication requirements and the interaction requirements in the various Business Areas are supported by Business Transactions. All items that are stored in the Business Process Catalogue are called Catalogue Items. The Catalogue of ISO 20022 messages is also part of the Business Process Catalogue. It gives access to the full documentation of the ISO 20022 messages.

More information on Adoption, Governance and Intellectual property rights.

ISO 20022 Adoption:
Information about projects led by communities of users adopting ISO 20022 as their messaging standard for financial business transactions. Refer here.

Governance:
ISO TC 68/SC 9 is responsible for the management and oversight of the ISO 20022 standard.
The Registration Management Group (RMG), Technical Support Group (TSG) and Standards Evaluation Groups (SEG) have been created to support the ISO 20022 registration process. In addition, the Cross SEG Harmonisation Group (CSH) has been created by the RMG to resolve harmonisation issues that exist across business  domains. Know more about it here.

Intellectual property rights:
Organizations that contribute information to be incorporated into the ISO 20022 Financial Repository shall keep any Intellectual Property Rights (IPR) they have on this information. A contributing organization warrants that it has sufficient rights on the contributed information to have it published in the ISO 20022 Repository through the Registration Authority in accordance with the rules set in the ISO 20022 standard. To ascertain a widespread, public and uniform use of the Financial Repository information, the contributing organisation grants third parties a non-exclusive, royalty-free license to use the published information.
Contributing organizations can communicate their IPR policies to the RA for publication on this website. Received IPR policies are available for download hereafter.
– CBI
– SWIFT
Know more here.

Leave a Comment

Your email address will not be published. Required fields are marked *