The Business Model

One of the key elements of the ISO 20022 value proposition is the possibility to use an agreed vocabulary across the industry. The ISO 20022 Business Model aims at providing industry-agreed definitions of all financial services concepts (the ISO 20022 Business Concepts), such as account, securities settlement or direct debit mandate.

The Business Model includes completely defined business components and elements and the relationship among these components. The Business Model is used to derive the data elements used in ISO 20022 message definitions (the ISO 20022 Message Concepts), thereby ensuring a common understanding across all messages used to support the various business domains. As such, it is one of the most important ingredients of the ISO 20022 recipe. Besides the ISO 20022 messaging, the Business Model offers a lot of potential for other applications.

The Business Model offers:

  • standardized business concepts across all ISO 20022 message definitions (alignment across business areas)
  • clear definitions of industry business concepts and their relationships (not just for external communication, also for internal enterprise communication)
  • a foundation for communication between industry players (not just for messaging, also for databases and regulatory reporting)
  • easy mapping with other standards (not just external standards, also internal proprietary formats).

The following zips include a graphical representation (diagrams) of the various business transactions supported by the Business Model. 



The following zip includes the list of all Business Concepts with their definition and properties:
Business Model Definitions (16-Apr-19) 


The Business Model is part of the ISO 20022 Data Dictionary which includes detailed information about every business concept.  The Data Dictionary can be queried with the Repository search. Electronic copies of the full e-Repository are also available.



Updating the Business Model

The Business Model includes the business concepts that are used in the ISO 20022 messages. As such, it is usually enriched at the occasion of the development or maintenance of ISO 20022 messages. It is however possible to update and complement the ISO 20022 Business Model independently of the message development, provided that the updates can be made without impacting the existing ISO 20022 messages.


The business model update process includes the following steps:

1. The RA collects change requests from users

Actual or potential users of the ISO 20022 Business Model submit their requests for changes to the Business Model based on the specific Business Model change request to the Registration Authority (RA) at Each Business Model change request must describe the scope of the change, the business concepts to be changed, the proposed name, definition, etc. 

The RA checks each Business Model change request for completeness and conformance to the Business Model change request template. When the change request is valid (that is, conforming to the change request template), the RA returns a positive acknowledgement to the submitter and posts the change request in the Catalogue of change requests.



2. The RA performs the evaluation of the change requests

Change requests to the Business Model are evaluated by the RA, as well as the impact that the changes could have on existing ISO 20022 messages.  

If the changes can be made without impacting the existing ISO 20022 messages, the RA updates the Business Model and prepares the documentation necessary for the submission of the updated model to the relevant SEG or the Cross-SEG Harmonisation team (CSH) if the changes related to 'common' business concepts that are used by several business domains.

If the changes require an update of existing ISO 20022 messages, the RA contacts the submitter with the request to prepare required message change requests as per the regular ISO 20022 maintenance process.


3. The SEG reviews the business model change request

The SEG or the CSH reviews the updated Business Model and approves the proposed implementation of each Business Model update.

The submitter is invited to participate in the evaluation to give any further clarification regarding the proposed updates.

The result of the review is an agreement regarding which changes will be implemented. The RA updates the Business Model change request with the SEG or CSH decision for each of the proposed changes, informs the submitter and updates the status of the change request in the Catalogue of change requests.


4. The RA publishes the new version of the ISO 20022 Business Model

The RA publishes the updates to the Business Model on the ISO 20022 website. This may include: