ISO 20022 is the ISO Standard for Financial Services Messaging. 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 (FIX), 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.
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
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 who manage the content of the Repository.
- SWIFT is the Registration Authority for ISO 20022.
Commercial and Open Source implementations
- Up until 2011 SWIFT awarded products suitable for ISO 20022 MT-MX conversion the SWIFTReady Messaging Data Services quality label.
- http://i20022.com is an open source framework of ISO 20022 xml messages.
- http://c24.biz is an open, scalable, financial standards data integration solution with support for ISO 20022.
- http://www.paymentcomponents.com/resources/ provides a scalable and tested solution for ISO20022, used by many organizations.
