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ISO 20022 Message Definitions
ISO 20022 Message Definitions
ISO 20022 is a messaging standard that defines the structure and content of financial messages exchanged between financial institutions
1. It is designed to replace existing messaging standards, such as SWIFT MT, with a more modern and flexible standard that can support a wider range of financial transactions. Here are some key things to know about ISO 20022 message definitions:
- Structure: ISO 20022 defines a logical representation of the message and a physical encoding of the message. The physical encoding is done using XML, which allows for greater flexibility and extensibility than older messaging standards.
- Content: ISO 20022 defines the content of financial messages, including the data elements that must be included in each message. This ensures that messages are consistent and can be easily understood by all parties involved in a financial transaction.
- Adoption: ISO 20022 is being adopted by an increasing number of financial institutions around the world. As of May 2017, the ISO 20022 adoption report listed various financial institutions that have adopted the standard.
- Benefits: ISO 20022 offers several benefits over older messaging standards, including greater flexibility, extensibility, and interoperability. It also supports a wider range of financial transactions and can help reduce errors and processing times.
- Conversion: Converting existing financial messages to ISO 20022 can be a complex and time-consuming process. However, there are tools available that can automate the conversion of large volumes of ISO 20022 XML documents to a relational database.
In conclusion, ISO 20022 message definitions are an important part of the modern financial landscape. They provide a flexible and extensible standard for financial messaging that is being adopted by an increasing number of financial institutions around the world. While the conversion process can be complex, the benefits of ISO 20022 make it a worthwhile investment for financial institutions looking to improve their messaging capabilities.