Introduction to ISO 20022

31 July 2014

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The success of ISO 20022

31 July 2014

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About ISO 20022

ISO 20022

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

 

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 using:

 

  • a modelling methodology to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
  • a central dictionary of business items used in financial communications;
  • a set of XML and ASN.1 design rules to convert the message models into XML or ASN.1 schemas, whenever the use of the ISO 20022 XML or ASN.1-based syntax is preferred.

 

The resulting models and derived messages are published in the Catalogue of messages and stored in the ISO 20022 Financial Repository available on this website.

This flexible framework allows communities of users and message development organizations to define message sets according to an internationally agreed approach using internationally agreed business semantics and, whenever desirable, to migrate to the use of a common XML or ASN.1-based syntax.

 

Note: The tool that is used by the Registration Authority (RA) to convert the message models into ASN.1 schemas has been built by OSS Nokalva, Inc. More information about the use of ASN.1 can be found on the OSS website at www.oss.com/iso20022.html.