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ISO 20022

The ISO 20022 is a framework for the electronic exchange of financial information, composed by a catalog of items and message types, structured as XML payloads.

The framework allows communities of users and message development organizations to define message sets according to an internationally agreed approach using internationally agreed business semantics.

By creating a common language and model for payments data, ISO 20022 significantly improves the quality of data across the payments ecosystem.

ISO 20022 creates a common language and model for payments data, ISO 20022 significantly improves the quality of data across the payments ecosystem. Richer, structured, meaningful data enable new client experiences, while improving compliance and efficiency.

ISO 20022 defines many message categories, including:

  • Payments and Cash Management: Messages supporting cash account management, payments initiation, clearing and settlement, and cash management, etc.

  • Securities: Messages supporting pre-trade, trade, post-trade, clearing and settlement, securities management, securities account management, reconciliation, asset servicing, collateral management, etc.

  • Trade Services: Messages supporting procurement, trade finance products and services, forecasting, reconciliation, accounting, remittance information, etc.

  • Card Payments: Messages supporting card transactions between acceptor and acquirer, acquirer and issuer, sale system and POI, terminal management, clearing and settlement, fee collection, etc.

  • Foreign Exchange: Messages supporting pre-trade, trade, post-trade, notification, clearing and settlement, reporting and reconciliation of FX products.

MX

An MX is an XML message definition for use on the SWIFT network. Documentation is only provided for base messages developed by SWIFT.

Most MX messages are also ISO 20022 messages.

Other ISO 20022 messages are published on www.iso20022.org.

Within our libraries implementatino we use the terns ISO 20022 and MX interchangeably.

CBPR+

Cross-border Payments and Reporting Plus(CBPR+) specification define how ISO 20022 should be used for cross-border payments and cash reporting on the SWIFT network.

Conformance to CBPR+ specification is validated by the SWIFT message service, so it imperative that users implement the specification correctly.

The CBPR+ specification includes a set of restricted ISO 20022 message schemas, along a set of rules that payment message must follow.

CBPR+ also includes standardized rules that define translation from the MT standard to CBPR+ ISO 20022 and from CBPR+ ISO 20022 to MT.

The Prowide Integrator libraries, contain comprehensive support for the CBPR+ restricted model, parser, validators and translators to and from MT.

SEPA

Developed by the European Payments Council (EPC), the Single Euro Payments Area (SEPA) is a payment-integration and payment standardization initiative that aims to facilitate and harmonize payments in EURO across the SEPA zone.

ISO 20022 XML is mandatory for the exchange of SEPA payments between Banks and for the Client-to-Bank instructions. Thus it can be seen as a restricted version of ISO 20022, or as an implementation of the ISO 20022 framework.

The Prowide Integrator libraries, contain comprehensive support for the SEPA restricted model, parser and validator.

SIC

Swiss Interbank Clearing (SIC) is the Swiss RGTS in which the participating financial institutions process their large-value payments as well as a part of their retail payments in Swiss francs.

While SIC is also based on the ISO20022 framework, the namespace is different used by the XSD schemas are different.

The Prowide Integrator libraries, contain a specific model for SIC messages, as well as some specific translations between MT and SIC.