The Interbank communication in financial services according to ISO 20022

31 Jan 2024 07:00 AM By itSMF Staff

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ISO 20022: a series of standards for Interbank communication in financial services

The ISO 20022 series of standards provide a support for an effective worldwide Interbank communication in financial services industry, where the accuracy and reliability of data are critical on building a trusthworty International financial system.

The ISO Technical Committee TC68 Financial Services is in charge of the preparation of the multi part International Standard ISO 20022 and this documentation provides a description of a common platform for the development of messages as follows:

  • a modelling methodology to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
  • a central dictionary of business items used in financial communications;

  • a set of XML and ASN.1 design rules to convert the message models into XML or ASN.1 schemas, whenever the use of the ISO 20022 XML or ASN.1-based syntax is preferred.

This is indeed a flexible framework useful when it comes to find a solution that can help to match the needs of organizations developing messaging systems as well as the communities of users according to an international approach, international business semantics and common syntaxes (XML or ASN.1).

The ISO 20022 multi-part standard table of contents

The ISO 20022 series is made up of the following chapters:

📘 Part 1: Metamodel

📘 Part 2: UML profile

📘 Part 3: Modelling

📘 Part 4: XML Schema generation

📘 Part 5: Reverse engineering

📘 Part 6: Message transport characteristics

📘 Part 7: Registration

📘 Part 8: ASN.1 Generation

The ISO 20022-1 standard: Part 1 about Metamodel

In the ISO-20022-1:2013 «Financial services – Universal financial industry message scheme – part 1» we find a global description of the model:

4. Type Library

✅ 5. Metamodel packages

✅ 6. Repository

✅ 7. Registration

✅ 8. Repository access

✅ Annex A – Type Library

✅ Annex B – Metamodel

To better figure out the «big picture» about what we just described in these last lines, we can bring as usual our infographic:

By Andrea Leonardi (VP @ Minerva Group Service, MP @ Alpemi Consulting & itSMF Swizerland board member).
As we outlined in our post, the ISO 20022 is a standard made up of several parts and our focus is only about the «Part 1».

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itSMF Staff