ISO 20022 is an ISO standard for electronic data interchange between financial institutions.
It describes a
metadata repository containing descriptions of messages and business processes, and a maintenance
process for the repository content.
The repository contains a huge amount of financial services metadata that has been shared and
standardized across the industry. The metadata is stored in UML models with a special ISO 20022 UML
Profile. Underlying all of this is the ISO 20022 metamodel - a model of the models. The UML profile is the
metamodel transformed into UML. The metadata is transformed into the syntax of messages used in
financial networks. The first syntax supported for messages was XML Schema.
ISO 20022 is widely used in financial services. Organizations participating in ISO 20022 include: FIX
Protocol Limited (Financial Information eXchange), ISDA (FpML), ISITC, Omgeo, SWIFT, and Visa.
ISO 20022 is the successor to ISO 15022; originally ISO 20022 was called ISO 15022 2nd Edition. ISO
15022 was the successor of ISO 7775.
Objective To enable communication interoperability between financial institutions , their market
infrastructures and their end-user communities
Major obstacle Numerous overlapping standardization initiatives looking at XML financial messages:
MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST, RosettaNet, OAGi, ACORD, etc
Proposed solution A single standardisation approach (methodology, process, repository) to be used by
all financial standards initiatives
The eight parts of ISO 20022:
- Part 1: Metamodel
- Part 2: UML profile
- Part 3: Modelling
- Part4: XML schema generation
- Part5: Reverse engineering
- Part 6: Message transport characteristics
- Part 7: Registration
- Part 8: ASN.1 generation
