ISO 20022

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 standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.

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.

Parts of the standard

  • ISO 20022 Financial services – Universal financial industry message scheme
    • ISO 20022-1:2013 Part 1: Metamodel
    • ISO 20022-2:2013 Part 2: UML profile
    • ISO 20022-3:2013 Part 3: Modelling
    • ISO 20022-4:2013 Part 4: XML Schema generation
    • ISO 20022-5:2013 Part 5: Reverse engineering
    • ISO 20022-6:2013 Part 6: Message transport characteristics
    • ISO 20022-7:2013 Part 7: Registration
    • ISO 20022-8:2013 Part 8: 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.[1]

Australia's New Payments Platform, launched in February 2018[2], uses ISO 20022 messaging[3].

In July 2018, the Federal Reserve Board of Governors requested comments on the proposed adoption of the ISO 20022 message format in a migration beginning in 2020 and ending in 2023.[4]


Cash management for companies and institutions:

  • CAMT.052: Bank to customer account report. Follow-up of online transactions.
  • CAMT.053: Bank to customer account statement. Detailed and structured payment data.
  • CAMT.054: Bank to customer debit/credit notification

See also


  1. ^ "Strategies for improving the U.S. payment system" (PDF). Federal Reserve System. 26 January 2015. Retrieved 2015-05-16.
  2. ^ "The New Payments Platform Launches" (PDF). NPPA. 13 February 2018. Retrieved 2019-03-19.
  3. ^ "The Platform". NPPA. Retrieved 2019-03-19.
  4. ^ "New Message Format for the Fedwire® Funds Service". Federal Register. 2018-07-05. Retrieved 2019-02-18.

External links

Banking Industry Architecture Network e.V. (BIAN)

The Banking Industry Architecture Network e.V. (BIAN) is an independent, member owned, not-for-profit association to establish and promote a common architectural framework for enabling banking interoperability. It was established in 2008.

BIAN's goal is to establish a semantic framework to identify and define IT services in the banking industry. The underlying architectural pattern originates from a service-oriented architecture (SOA).The community focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will enable banks to achieve a reduction of integration costs and use the advantages of a service-oriented architecture of implementing commercial off-the-shelf (COTS) software.

Financial institutions, software vendors, and system integrators, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in defining, building and implementing next-generation banking platforms.

Cross-Border Inter-Bank Payments System

The Cross-Border Interbank Payment System (CIPS) is a payment system which, offers clearing and settlement services for its participants in cross-border RMB payments and trade. It is a significant financial market infrastructure in China. As planned, CIPS will be developed in two phases. On 8 October 2015, CIPS (Phase I) went live. The first batch of direct participants includes 19 Chinese and foreign banks which were set up in mainland China and 176 indirect participants which cover 6 continents and 47 countries and regions. On 25 March 2016, CIPS signed an MoU with SWIFT with mutual understanding of deploying SWIFT as a secure, efficient and reliable communication channel for CIPS's connection with SWIFT's members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment. CIPS is sometimes referred to as the China Interbank Payment System.

CIPS would not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

However, it was reported in July 2015 that CIPS would be '"watered down" and used only for cross-border yuan trade deals rather than including capital-related transactions, which would delay billions of dollars' worth of transactions, including securities purchases and foreign direct investment, that would have gone through the system. It was reported to be a second setback to the plan to provide a unified network for settling deals in yuan after technical problems delayed its launch, and that other measures to open up China's financial infrastructure have been dented by the 2015 Chinese stock market crash. It was said to now offer, at best, a complementary network for settling trade-related deals in the Chinese currency to a current patchwork of Chinese clearing banks around the world.


Electronic Bank Account Management (abbreviated as eBAM) represents the automation, through software, of the following activities between banks and their corporate customers:

Opening bank accounts

Maintaining bank accounts such as changing account signatories or spending limits

Closing bank accounts

Generating reports as required by law or regulationThe technology that is commonly used to implement eBAM automation is defined by SWIFT and the ISO 20022 Standard for Financial Services Messaging.

Electronic Banking Internet Communication Standard

The Electronic Banking Internet Communication Standard (EBICS) is a German transmission protocol developed by the German Banking Industry Committee for sending payment information between banks over the internet. It grew out of the earlier BCS-FTAM protocol that was developed in 1995, with the aim of being able to use internet connections and TCP/IP. It is mandated for use by German banks and has also been adopted by France and Switzerland.EBICS supports Single Euro Payments Area SEPA as the standard can be used as the secure communication channel to initiate SEPA Direct Debits and SEPA Credit Transfers using the internet. SEPA concentrates on standardisation of clearing protocols in the inter-bank networks. The SEPA-Clearing guidelines do not supplant any national clearing transmission protocols. Theoretically the national banking transmission standards could be prolonged for decades.

Financial Conduct Authority

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.It focuses on the regulation of conduct by both retail and wholesale financial services firms. Like its predecessor the FSA, the FCA is structured as a company limited by guarantee.

The structure of the FCA's regulatory authority takes in the Bank of England's Prudential Regulatory Authority (another FSA successor), and the Financial Policy Committee. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the UK economy.

ISO/IEC 6523

ISO/IEC 6523 Information technology – Structure for the identification of organizations and organization parts is an international standard that defines a structure for uniquely identifying organizations and parts thereof in computer data interchange and specifies the registration procedure to obtain an International Code Designator (ICD) value for an identification scheme.

The standard consists of two parts:

Part 1: Identification of organization identification schemes defines a structure for the identification of organizations and parts thereof. The components of this structure are the following:

an International Code Designator (ICD) value, which uniquely identifies the authority which issued the code to the organization, up to 4 digits

an organization identifier, up to a maximum of 35 characters

an (optional) organization part identifier (OPI), up to a maximum of 35 characters (An organization part can be any kind of entity within an organization.)

an (optional) OPI source indicator, 1 digit, specifying who attributed the OPIPart 2: Registration of organization identification schemes defines the registration procedure for ICD values. This includes:

the registration authority for ICD values is Farance Inc. on behalf of the American National Standards Institute (ANSI).

the specific procedures for the allocation and deletion of ICD values

the contents of the register/list of the registered identification schemes(A list of allocated ICD values is available here. An up-to-date list may also be acquired by contacting the registration authority.)

Further information concerning ISO/IEC 6523 and on how to obtain an ICD value can be found here.

ISO/IEC 6523 forms the basis of OSI naming under ISO/IEC 8348. It also forms the 1.3 object identifier (OID) tree.

The most widespread standard compliant with ISO 6523 norm is the identifier called "Global Location Number" (GLN), developed by GS1 company members. In B2B exchanges, it is widely used by companies to identify locations or functions within a location (for example : a factory, the accounting department of a company, an administration, a warehouse, a delivery address, ...). It has become a key to exchange business messages (orders, invoices, ...) using UN/EDIFACT specifications.

The ebCore Party Id Type Technical Specification was issued by the Organization for the Advancement of Structured Information Standards (OASIS). It was elaborated by the OASIS ebXML Core Technical Committee and it specifies a Uniform Resource Name (URN) namespace for organization identifiers. It bases upon ISO/IEC 6523, ISO 9735 and ISO 20022.

ISO 10962

ISO 10962 defines the structure and format for classification of financial instruments approved by the International Organization for Standardization (ISO).

There are many types of Financial Instruments used for saving, investing, trading, hedging and speculating. These instruments are generally organized in groups called "asset classifications." The most common asset classifications are generally described using terms like "Equities (Stocks)," "Debt (Bonds)," "Derivatives (Contracts)," "Currencies," and a few other generalized terms.

ISO 10962 provides a global standard for these classifications in the form of specific codes. Classification of financial instrument (CFI) Code is used to define and describe financial instruments as a uniform set of codes for all market participants.

The code is issued by the members of ANNA, the Association of National Numbering Agencies. The group is currently working to simplify the structure so that it can be adopted more widely by non-governmental market participants.

The letters from the ISO basic Latin alphabet in each position of this 6 character code reflect specific characteristics intrinsic to the financial instruments that are defined at the issue of the instrument, and which in most cases remain unchanged during the lifetime of the instrument (or by the market on which the instrument trades).

ISO 15022

ISO 15022 is an ISO standard for messaging used in transactions between financial institutions. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a complete and unambiguous way. This results in efficiency, lower costs, and the avoidance of errors. Prior to standardization in this area, there were overlapping standards, or ad hoc approaches where there was a functional gap and no standard.

International Payments Framework

The International Payments Framework (IPF) was an initiative launched in 2010 to create a global framework for payment processing by the International Payments Framework Association, a trade association headquartered in Atlanta, in the United States. The IPF standard is currently used by some organisations to process payments between the United States and Europe.IPF creates rules, processes, and inter-member agreements that allow IPF's members to minimize the cost of cross-border payments. Its members include the United States Federal Reserve and other central banks, as well as other payments industry entities such as financial institutions and ACH operators.IPF is similar to the Single Euro Payments Area (SEPA) in that both initiatives aim to facilitate international payments, base their standards on ISO 20022, and involve mostly banks as their main participants.IPF differs from SEPA because IPF is global rather than limited to Europe; IPF is market-based rather than a political initiative; IPF involves more public entities, smaller banks, and clearing houses, rather than larger banks; and IPF superimposes a standard that allows existing national standards to communicate with each other rather than replacing them with a new standard. Unlike SEPA documentation, which is available on the European Payments Council's website, IPF documentation is not available to the public.


Monax, officially Monax Industries Limited, is a blockchain and smart contract software technology company founded in 2014. Incorporated as "Eris Industries" and previously known as "Eris", the company changed its name to Monax in October 2016. The company has offices in Edinburgh, London and New York.

Payment Services Directive

The Payment Services Directive (PSD, Directive 2007/64/EC, replaced by PSD 2, Directive (EU) 2015/2366) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The Directive's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users.

Payments Canada

Payments Canada (formerly the CPA, Canadian Payments Association) is an organization that operates a payment clearing and settlement system in Canada. The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of bank routing numbers in Canada.

Single Euro Payments Area

The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of 2018, SEPA consists of the 28 member states of the European Union, as well as the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and Andorra, Monaco, San Marino, and Vatican City.

Society for Worldwide Interbank Financial Telecommunication

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet network, and ISO 9362. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as "SWIFT codes".

The majority of international interbank messages use the SWIFT network. As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995). SWIFT transports financial messages in a highly secure way but does not hold accounts for its members and does not perform any form of clearing or settlement.

SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

SWIFT is a cooperative society under Belgian law owned by its member financial institutions with offices around the world. SWIFT headquarters, designed by Ricardo Bofill Taller de Arquitectura are in La Hulpe, Belgium, near Brussels. The chairman of SWIFT is Yawar Shah, originally from Pakistan, and its CEO is Gottfried Leibbrandt, originally from the Netherlands. SWIFT hosts an annual conference, called Sibos, specifically aimed at the financial services industry.


Sybrin is a multinational Information Technology company headquartered in Johannesburg, South Africa that architects, develops, implements, and supports end-to-end payment and information management software solutions and services. Sybrin implemented the first cheque truncation system in Africa, the third in the world, in Malawi.At a modular level, Sybrin’s offerings include EFT, ISO 20022, RTGS, and SWIFT processing, payment switches, mobile payments, cheque processing and truncation, cheque book ordering, Integrated Verification Systems, statements, reconciliation, Automated Clearing House (ACH) systems, document management, case management, account opening and KYC, biometrics, and information distribution solutions.Sybrin’s clients include corporates, banking institutions, central banks, and national Automated Clearing Houses.Sybrin has key support offices in Kenya, Mauritius, Mozambique, Rwanda, Tanzania, Zambia, and Zimbabwe. Sybrin’s systems have been implemented in Botswana, Egypt, Ghana, Gibraltar, Isle of Man, Kenya, Kuwait, Lesotho, Malawi, Mauritius, Mozambique, Nigeria, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, Uganda, United Kingdom, Zambia, and Zimbabwe.Sybrin has more than 600 software installations in 21 countries and a staff complement of 200. The company attained the Microsoft Line of Business Award and has been accredited as an Oracle Platinum Partner.


UN/CEFACT is the United Nations Centre for Trade Facilitation and Electronic Business. It was established as an intergovernmental body of the United Nations Economic Commission for Europe (UNECE) in 1996 and evolved from UNECE's long tradition of work in trade facilitation which began in 1957

UN/CEFACT's goal is, “Simple, Transparent and Effective Processes for Global Commerce.” It aims to help business, trade and administrative organizations from developed, developing and transition economies to exchange products and services effectively. To this end, it focuses on simplifying national and international transactions by harmonizing processes, procedures and information flows related to these transactions, rendering these more efficient and streamlined, with the ultimate goal of contributing to the growth of global commerce.


Unifi, UniFi or UNIFI may refer to:

Unifi (internet service provider), a high speed broadband service in Malaysia

UNIFI Companies, the former name of Ameritas, a mutual insurance company

UNIFI (trade union), the British trade union that merged into Amicus in 2004

The University of Florence

The UNIversal FInancial messaging standard, more formally known as ISO 20022

Unifi Network, a former division of PricewaterhouseCoopers made up of the Kwasha Lipton Group and its other benefits consulting divisions

UniFi, a wireless networking system from Ubiquiti Networks

ISO standards by standard number

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