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:
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.