About ISO 20022

ISO 20022 financial message standard is widely used around the world. These messages include credit transfers, direct debits, payment status reports and account statements. 

Some key characteristics of ISO 20022 messages are that they are structured and well-documented; also, they correspond to underlying business components – which means that they can easily be linked to back-office applications such as ERP systems.

Another core advantage of ISO 20022 is the ability to re-use business and message components across all messages.

ISO 20022 messages are defined by the Universal Financial Industry Message Scheme (UNIFI) and are based on XML (Extensible Mark-up Language). Full definition of these messages is available from ISO 20022 web site: http://www.iso20022.org/

For example, SEPA payment messages are a subset of certain ISO 20022 messages. 

A separate page in this KnowledgeBase  business rules in pain.001.001.03 shows an example of the types of business rules that exist in one of the messages depicted by ISO 20022.

The XMLdation Validator can validate messages based on ISO 20022.

A sample Validation Report, along with an Error Report, can be seen here

Read more 

ISO 20022 Infographic