ISO 20022-1:2013
2013-05
What is ISO 20022-1?
ISO 20022-1 forms part of a comprehensive framework titled "Financial Services — Universal Financial Industry Message Scheme." This standard defines a metamodel that underpins the creation and maintenance of message standards used across the financial services industry. It aims to standardize the communication methods and data formats used in financial transactions, promoting interoperability and clarity.
Why is ISO 20022-1 important?
ISO 20022-1 is crucial for ensuring seamless and efficient communication across different financial systems and platforms globally. By providing a unified standard, it facilitates better integration and compatibility among disparate financial systems, reducing complexity and enhancing transaction processing speed and reliability.
Benefits
- Enhanced interoperability: Facilitates smooth interaction between various financial institutions and systems worldwide
- Improved efficiency: Reduces processing errors and delays by standardizing message formats and protocols
- Increased flexibility: Supports a wide range of financial services, adapting to various business needs and regulatory requirements
- Future-proofing: Regular updates ensure the standard remains relevant in the face of rapidly evolving financial technologies and practices
FAQ
Financial institutions, software developers, payment service providers, and regulatory bodies involved in the creation, transmission, and processing of financial messages.
The latest edition of ISO 20022-1 includes significant enhancements:
- Extended Normative References: Introduction of ISO 13004 and ISO/ASTM 52628, expanding the scope of data types and aligning the document with contemporary standards in financial services.
- Revised Definitions and Clarifications: Updated definitions and clarifications on key components such as cardinality, message associations, and process variables to ensure consistency and accuracy.
- Addition of New Concepts and Models: Introduction of new models and concepts like Conformance, SyntaxMessageScheme, and detailed tracing capabilities from business components to operational elements.
- Enhanced Versioning and Traceability: Improved mechanisms for version control and traceability across different levels of the message development process, ensuring that financial messages remain accurate and up-to-date.
ISO 20022-1 serves as the foundation, outlining the metamodel for messaging standards. Other parts of the series (e.g., ISO 20022-2, ISO 20022-3) build on this foundation to provide more specific guidelines and tools for implementing the standard in various financial processes.
While ISO 20022-1 is designed to cover a broad range of financial transactions, specific adaptations or extensions might be required for unique or specialized financial applications.
General information
Note: This standard is updated by a Maintenance Agency or Registration Authority
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Status: PublishedPublication date: 2013-05Stage: International Standard to be revised [90.92]
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Edition: 2Number of pages: 152
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Technical Committee :ISO/TC 68/SC 9ICS :03.060
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Next version under development
ISO/DIS 20022-1
Life cycle
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Previously
WithdrawnISO 20022-1:2004
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Now
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Will be replaced by
Under developmentISO/DIS 20022-1
