ISO 20022 Business Model

Nov 18, 2011

The ISO 20022 Business Model aims at providing industry-agreed definitions of all financial services concepts

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).

Go to page Consult the ISO 20022 Business Model