ISO 20022 Business Model Maintenance Process is available

Dec 19, 2012

It is now possible to update and complement the ISO 20022 Business Model independently of the message development

 

As you probably already know, 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.

 

What should I do to submit an update to the Business Model?

The process is quite straightforward and includes the following steps:

1. The RA collects the specific Business Model change request submitted by users;

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 SEGs and/or CSH.

3. The SEG reviews the business model change request;

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

 

What is the Business Model?

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.

 

 

Consult the the Business Model page for more information