ISO has published a revised version of the ISO 20022:2013 series on financial services, which provides a methodology intended to create consistent financial message standards.
This series of standards describes a way to generate and read the messages that form the basis of electronic transactions in the financial industry and gives more flexibility to message developers, thus reducing the cost of message development.
ISO 20022:2013, Financial services — Universal financial industry message scheme, will help the financial services industry, including financial services organizations, software developers, corporations, government agencies, regulators and tool vendors, when exchanging financial messages.
Rapid growth in financial transactions
The rapid growth in the number and nature of financial transactions since the 1990’s has led to the increase in scale and sophistication of messaging within the financial industry.
ISO's first work in this area was the development of ISO 15022. This was replaced by ISO 20022 in 2004 and has been updated by ISO 20022:2013.
The eight part series ISO 20022:2013, Financial services — Universal financial industry message scheme, was developed by ISO technical committee ISO/TC 68, Financial services. Article & Image Credits: ISOorg