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.
Parts of the standard
- ISO 20022 Financial Services - universal financial industry message scheme.
- Part 1: Overall Methodology and Format Specifications for Inputs and Outputs to/from the ISO 20022 Repository (has the status of International Standard), numbered as ISO 20022-1:2004
- Part 2: Roles and responsibilities of the registration bodies (has the status of International Standard), numbered as ISO 20022-2:2007
- Part 3: ISO 20022 Modeling guidelines (has the status of Technical Specification), numbered as ISO/TS 20022-3:2004
- Part 4: ISO 20022 XML design rules (has the status of Technical Specification), numbered as ISO/TS 20022-4:2004
- Part 5: ISO 20022 Reverse engineering (has the status of Technical Specification), numbered as ISO/TS 20022-5:2004
- Part 6: ISO 20022 Message Transport Characteristics (has the status of International Standard), numbered as ISO 20022-6:2009
- Part 7: ISO 20022 Registration
- Part 8: ISO 20022 ASN.1 generation
Management of the standard
- The Standard is issued by ISO Technical Committee 68 (TC68), which is responsible for Financial Services in ISO.
- The Standard is managed by Working Group 4 (WG4), a sub-group of TC68 whose charter is "the management of ISO 20022".
- The Standard defines a Repository Management Group (RMG) Composed of senior industry experts. It is the highest registration body.
- SEG Standard Evolution Group composed of industry experts in specific business domains of the financial industry
- SWIFT is the Registration Authority for ISO 20022. RA is the guardian of the ISO 20022 financial repository
A 2015 report by the United States's Federal Reserve System classified Europe having "mature adopters" of ISO 20022; India, South Africa, Japan, Singapore, and Switzerland as having "growing adopters"; and Australia, Canada, the United Kingdom, and New Zealand as having "interested adopters". The report concluded that the Federal Reserve should push for ISO 20022 adoption within the United States financial system.
- "Strategies for improving the U.S. payment system" (PDF). Federal Reserve System. 26 January 2015. Retrieved 2015-05-16.