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ISO 20022. Introduction to ISO 20022 – Universal financial industry message scheme. ISO 20022 (UNIFI). Agenda. ISO 20022: value proposition the standard the actors the registration process the Repository ISO 20022 registration platform Cross industry harmonisation

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iso 20022 unifi

ISO 20022

Introduction to ISO 20022 –

Universal financial industry

message scheme

ISO 20022 (UNIFI)

ISO_20022_LV_v39

agenda
Agenda
  • ISO 20022:
    • value proposition
    • the standard
    • the actors
    • the registration process
    • the Repository
  • ISO 20022 registration platform
  • Cross industry harmonisation
  • Interoperability within the financial industry
  • Q & A

ISO_20022_LV_v39

the iso 20022 value proposition 1 5

Objective

To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities

Major obstacle

Numerous overlapping standardisation initiatives looking at XML financial messages:

MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST,

SWIFT, RosettaNet, OAGi, ACORD, CIDX, etc.

The ISO 20022 value proposition (1/5)

ISO_20022_LV_v39

the iso 20022 value proposition 2 5

Proposed solution

A single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives

The ISO 20022 value proposition (2/5)

ISO 20022

ISO_20022_LV_v39

the iso 20022 value proposition 3 5
The ISO 20022 value proposition (3/5)

Convergence into ONE standard is the long term objective….

…but in the interim several standards need to coexist to enable quick response to competitive pressures and regulatory demands

Source: John Mersberg, IBM Corporation

ISO_20022_LV_v39

the iso 20022 value proposition 4 5
The ISO 20022 value proposition (4/5)

Growth adds exponential complexity and expense…

  • Without common building blocks:
  • Point-to-point connection
  • Data is mapped directly from one application to another
  • Costly, unscalable and difficult to implement and maintain
  • Process, routing, rules logic needs to be coded to specific message types

EDIFACT

RosettaNet

IFX

SWIFT

Proprietary format

OAGi

TWIST

42 interfaces = n * (n-1)

Source: John Mersberg, IBM Corporation

ISO_20022_LV_v39

the iso 20022 value proposition 5 5
The ISO 20022 value proposition (5/5)

Standardised implementation reduces cost, time to effect change and improves overall performance…

  • Canonical message model =
  • True process integration
  • Reduced brittleness, faster to respond to change
  • Shared message services – single/shared parser, message independent rules engine, etc.
  • Unified monitoring / audit trail

EDIFACT

RosettaNet

IFX

SWIFT

Proprietary format

Canonical

Message Model

(i.e. ISO 20022)

OAGi

TWIST

14 interfaces = n * 2

ISO 20022 aims at long term convergence,

while facilitating short term coexistence…

Source: John Mersberg, IBM Corporation

ISO_20022_LV_v39

iso 20022 illustrating business modelling

Date

Account

Order

All institutions have their own sets of data objects

ISO standardises common data objects…

Order

Date

…and groups them into ‘syntax-neutral’ message models, which...

Date

… can be ‘transformed’ in message formats in the desired syntax

EDIFACT

XML

ISO 15022

FIX

ISO 20022 Illustrating business modelling

ISO_20022_LV_v39

the iso 20022 recipe major ingredients 1 2
The ISO 20022 recipe Major ingredients (1/2):
  • Modelling-based standards development

- Syntax-independent business standard

- Validated by the industry

  • Syntax-specific design rules for XML

- Predictable and ‘automatable’

- Protect standard from technology evolution

  • Reverse engineering approach

- Protect industry investment and ease interoperability

- Prepare for future migration

ISO_20022_LV_v39

the iso 20022 recipe major ingredients 2 2
The ISO 20022 recipe Major ingredients (2/2):
  • Development / registration process
  • - Clearly identified activities and roles
  • Business experts and future users involved upfront
  • Technical experts involved when required
  • Repository on the ISO 20022 website
  • - Business Process Catalogue & Data Dictionary
  • Outside of official standard (maintained by
  • registration bodies)

www.iso20022.org

ISO_20022_LV_v39

the five parts of iso 20022
The five parts of ISO 20022

International Standard: Overall methodology and format specifications for inputs to and outputs from the ISO 20022 Repository

International Standard: Roles and responsibilities of the registration bodies

Technical Specification: ISO 20022 modelling guidelines

Technical Specification : ISO 20022 XML design rules

Technical Specification: ISO 20022 reverse engineering

Part 1:

Part 2:

Part 3:

Part 4:

Part 5:

Copies can be obtained from www.iso.org

ISO_20022_LV_v39

iso 20022 the actors 1 2
ISO 20022 – The actors (1/2)

Submitting organisations

Communities of users or organisations that want to develop ISO 20022 compliant messages to support their financial transactions

Could be

ACBI

Clearstream

CLS

EPAS

Euroclear

FIX

FpML

IFX

ISITC

ISTH

MDDL

OAGI

Omgeo

SWIFT

TWIST

TBG5

Etc.

Reasons

Creation of a new set of ISO 20022 messages to support a specific transaction

Update of existing ISO 20022 message sets to accommodate the evolution of the business

ISO_20022_LV_v39

iso 20022 the actors 2 2
ISO 20022 – The actors (2/2)
  • Registration Management Group, RMG
    • Overall governance / court of appeal
    • Approve business justifications for new standards
    • Create Standards Evaluation Groups (SEGs)
  • Standards Evaluation Groups, SEGs
    • Represent future users of specific financial areas
    • Validate message standards
  • Registration Authority, RA
    • Ensure compliance
    • Maintain and publish ISO 20022 Repository
  • Technical Support Group, TSG
    • Assist RMG, SEGs, RA and submitting organisations

ISO_20022_LV_v39

iso 20022 the registration process 1 3

Financial industry group or standards body

R

M

G

m

o

n

i

t

o

r

s

Submitter

Business justification

Business

justification

Project approval & allocation to a SEG

RMG

Endorsement of scope and developers

SEG

Development & provisional registration

Submitter

& RA

SEG

RA

Repository

Dictionary

Catalogue

ISO 20022 The registration process (1/3)

Business validation

Official registration

and publication

Optional pilot testing

or first implementers

Submitter

& users

www.iso20022.org

ISO_20022_LV_v39

iso 20022 the registration process 2 3

Financial industry group or standards body

R

M

G

m

o

n

i

t

o

r

s

Submitter

Business justification

Business

justification

Project approval & allocation to a SEG

RMG

Endorsement of scope and developers

SEG

Development & provisional registration

Submitter

& RA

SEG

RA

Repository

Dictionary

Catalogue

ISO 20022 The registration process (2/3)

Candidate ISO 20022 messages

Business validation

ISO 20022 messages

Official registration

and publication

Optional pilot testing

or first implementers

Submitter

& users

www.iso20022.org

ISO_20022_LV_v39

iso 20022 the registration process 3 3
ISO 20022 The registration process (3/3)

Business

justification

ISO 20022

Registration

Management Group

ISO 20022

Standards

Evaluation Groups

ISO 20022

Registration

Authority

ISTH

Omgeo

ISO 20022 Financial

Repository

Securities

Business

models

CLS

ISO 20022

Users

Payments

SWIFT

Data

Dictionary

Candidate ISO 20022

messages

Euroclear

Trade Services

ISO 20022

messages

Business

Process

Catalogue

ISITC

Forex

ACBI

www.iso20022.org

Cards

ISO_20022_LV_v39

iso 20022 the financial repository
ISO 20022 – The Financial Repository

Data Dictionary

- Business Concepts

- Message Concepts

- Data Types

Business Process Catalogue

- Financial business process models

- Financial business transactions, including messages

- XML message schemas

www.iso20022.org

ISO_20022_LV_v39

iso 20022 the deployment
ISO 20022 - The deployment
  • Approval of the international standard
  • Selection of the Registration Authority 
  • Set-up ofwww.iso20022.org
  • Creation of Registration Management Group 
  • Creation of the first Standards Evaluation Groups 
  • Registration and publication of first ‘ISO 20022 messages’ 

Ongoing: promotion to developers (standardisers, industry bodies) and users (vendors, end-users)

ISO_20022_LV_v39

iso 20022 how does it fit into the iso structure
ISO 20022 – How does it fit into the ISO structure?

ISO Technical Committee TC68

Financial Services

SC2

Security

SC4

Securities

SC7

Banking

ISO 20022

RMG

WG4

ISO 20022

Review

TSG

RA

RMG members nominated by P-member countries and A-liaison organisations

TSG & SEG members nominated by all member countries and liaison organisations

SEG

Securities

SEG

Trade Services

SEG

Payments

SEG

FX

SEG

Cards

ISO_20022_LV_v39

slide21

ISO 20022 Registration Management Group

  • Members -52 senior managers from:
    • 19 countries: AT, AU, BR, CA, CH, DE, DK, FI, FR, GB, IT, JP, KR, LU, NL, NO, SE, US, ZA.
    • 9 liaison organisations: Clearstream, Euroclear, FPL, FpML, ISITC, SWIFT, TWIST, UN/CEFACT/TBG5, VISA.
  • Convener:Gerard Hartsink, ABN Amro (NL); Vice-convener: Bob Blair, JPMorgan Chase (US); Secretary: Cynthia Fuller, X9 (US)
  • Meetings: twice a year
  • Key decisions:
    • Creation of five SEGs: Payments and Securities in 2005, Trade Services and Forex SEGs in 2006, Cards & Related Retail Financial Services in 2008
    • Approval of 35 development projects

ISO_20022_LV_v39

iso 20022 the payments seg 1 3
ISO 20022 – The Payments SEG (1/3)
  • Members – 42 experts
    • 14 countries: AT, AU, CH, DE, DK, FI, FR, GB, IT, NL, NO, SE, US, ZA
    • 5 liaison organisations: Euroclear, IFX, SWIFT, TWIST, UN/CEFACT/TBG5
  • Convener:Len Schwartz, ABN Amro (NL); Vice-convener: Bob Blair, JP Morgan Chase (US); Secretary:Deb Hjortland, FRB (US)
  • Approved:C2B payment initiation (SWIFT/ISTH), Interbank credit transfers and direct debits (SWIFT), Exceptions and investigations (SWIFT), B2C advice & statement (ISTH/ISITC)
  • Under evaluation: Payments maintenance 2009 (SWIFT, ISTH, ISITC)
  • Next:Change/verify account identification (GUF), E-mandates (SWIFT), Cash management (SWIFT), Creditor payment activation request (ACBI), Bank account management (SWIFT)

ISO_20022_LV_v39

iso 20022 the payments seg 2 3
ISO 20022 – The Payments SEG (2/3)

covering instruments such as:

Payments

Credit transfers

covering actors such as:

Cheques

Financial institutions

Private & corporate customers

Direct debits

Clearing houses & RTG systems

Central banks

Payment ‘factories’

ISO_20022_LV_v39

iso 20022 the payments seg 3 3
ISO 20022 – The Payments SEG (3/3)

Clearing & settlement

including business areas such as:

Interbank transfers via correspondent banking or ACHs, high value payments, low value bulk payments, RTGS, etc.

Payment initiation

Communications between the ordering customer and its bank, etc.

Payments

Cash management between various actors:

…to the ordering & beneficiary customers, reconciliation, exceptions & investigations handling.

Account opening, standing orders, transaction and account information, advices & statements from …

...the account servicing institutions to account owners, including reporting from the financial institution…

ISO_20022_LV_v39

iso 20022 the securities seg 1 3
ISO 20022 – The Securities SEG (1/3)
  • Members – 59 experts
    • 16 countries: AU, CA, CH, DE, DK, FI, FR, GB, JP, LU, NL, NO, SE, TR, US, ZA
    • 7 liaison organisations: Clearstream, Euroclear, ISDA/FpML, ISITC, FISD/MDDL, FPL, SWIFT
  • Convener: Karla McKenna, Citigroup (US); Vice-convener: Didier Hermans, Euroclear; Secretary: Chad Spitler, BGI
  • Approved: Investment funds (SWIFT), Transaction regulatory reporting (SWIFT), Proxy voting (SWIFT), Issuer’s agents communication for CA (Euroclear)
  • Under evaluation: Pre-trade/trade (SWIFT/FPL), Fund processing passport report (SWIFT), Proxy voting maintenance 2009 (SWIFT)
  • Next: Total portfolio valuation statement (ISITC), Post-trade (Omgeo), Registration & holder identification (Euroclear), Market claims & automatic transformations (Euroclear), Corporate actions (SWIFT), Settlement & reconciliation (SWIFT), Securities issuance (Euroclear), Triparty collateral management (SWIFT), Alternate funds (SWIFT)

ISO_20022_LV_v39

iso 20022 the securities seg 2 3
ISO 20022 – The Securities SEG (2/3)

covering instruments such as:

Securities

Equities

Service bureaux

covering actors such as:

Fixed income

Broker / dealers

Investment managers, distributors, transfer agents, fund administrators

Funds

Custodians

Deriva-tives

Regulators

CSDs, ICSDs

Stock exchanges, ETC providers

Market Data Providers

Clearing houses, CCPs

ISO_20022_LV_v39

iso 20022 the securities seg 3 3
ISO 20022 – The Securities SEG (3/3)

including business areas such as:

Clearing & settlement

Trade Initiation, pre-trade

Trade, post-trade

Securities Issuance

Securities

Custody

Securities management

Income, corporate actions, market data, proxy voting

Account opening, standing orders, transaction and account information, advices & statements, queries & investigations

Collateral management

Collateral, repos, securities lending & borrowing

ISO_20022_LV_v39

slide28

Looking at the advantages ISO 20022 brings over ISO 15022

ISO 20022:

  • Builds on the ISO 15022 data dictionary concept and registration infrastructure, but strengthens the monitoring by the industry
  • Uses a more robust, syntax independent development methodology based on UML modelling of business processes and transactions
  • Uses XML as the syntax for the actual physical messages
  • Has a wider scope than ISO 15022, which is only for securities messages
  • Is in line with directions taken by other industries (UN/CEFACT)

Syntax independent business modelling

is key to the ISO 20022 standard !

ISO_20022_LV_v39

iso 20022 the fx seg 1 3
ISO 20022 – The FX SEG (1/3)
  • Members – 26 experts
    • 11 countries: AU, CA, CH, FR, GB, NL, NO, SE, TR, US, ZA
    • 3 liaison organisations: FPL, ISITC, SWIFT
  • Convener: Ludy Limburg, ABN Amro(NL); Vice-convener: Tony Smith, JP Morgan Chase (UK); Secretary: Joshua Derrick, SWIFT
  • Kick-off meeting: in September 2006
  • Approved: Forex notifications (CLS)

ISO_20022_LV_v39

iso 20022 the fx seg 2 3
ISO 20022 – The FX SEG (2/3)

covering instruments such as:

Foreign eXchange

Spot

Trading portals, matching services providers

covering actors such as:

Swaps

Hedge funds

Investment managers

Forward

Custodians

Currency Options

Dealers

Application providers

CLS and CLS settlement members

Industry associations (ISDA)

Money brokers

ISO_20022_LV_v39

iso 20022 the fx seg 3 3
ISO 20022 – The FX SEG (3/3)

including business areas such as:

Trade:

order, execution, allocation, affirmation, etc.

Pre-trade:

IOI, quotes, etc.

Post-trade:

confirmation, matching, assignment, novation, etc.

Foreign eXchange

Notification of trades to third parties

Clearing and Settlement, including netting and related reporting

Trigger events, option exercises

ISO_20022_LV_v39

iso 20022 the trade services seg 1 3
ISO 20022 The Trade Services SEG (1/3)
  • Members – 26 experts
    • 13 countries: AU, CA, CH, DE, DK, FI, FR, GB, IS, IT, NL, US, ZA
    • 2 liaison organisations: ISITC, SWIFT
  • Convener:Katja Lehr, IFSA (US); Vice-convener: Dominique Pierre Barthares, BNP Paribas (FR); Secretary: Jim Wills, SWIFT
  • Kick-off meeting: in September 2006
  • Approved: Invoice Financing Request (ACBI), Trade Services Management (SWIFT)
  • Next: e-Invoice (UN/CEFACT/TBG5)

ISO_20022_LV_v39

iso 20022 the trade services seg 2 3
ISO 20022 The Trade Services SEG (2/3)

covering products…

Trade Services

Collection

…and services such as:

Documentary credit

Reconciliation

(A/R, A/P), remittance data

Open Account Trading

Letter of credit

e-Invoicing

EBPP

Guarantee

Pre/post-shipment financing & factoring

Purchase order, transport documents

Invoice financing

ISO_20022_LV_v39

iso 20022 the trade services seg 3 3
ISO 20022 The Trade Services SEG (3/3)

including actors such as:

Financial Institutions

Private and corporate customers (treasurers)

Associations providing rules and master agreements (eg IFSA, ICC)

Trade Services

Risk management entities

Trade facilitators: chambers of commerce, insurance co, freight forwarders, carriers, customs, factoring co

Application providers

ISO_20022_LV_v39

iso 20022 the cards related retail financial services seg 1 3
ISO 20022 – The Cards & Related Retail Financial Services SEG (1/3)
  • Members – 22 experts
    • 9 countries: AT, AU, CH, DE, FI, FR, GB, NL, SE
    • 3 liaison organisations: IFX, Mastercard, VISA
  • Convener: Chris Starr, APACS (GB); Vice-convener: Sheri Brandon, RBS (NL); Secretary: Reinhard Herwig, SRC (DE)
  • Kick-off meeting: on 23-24 October 2008
  • Next: ATM interface for transaction processing and ATM management (IFX Forum), Card Payments Exchanges (EPAS Consortium)

ISO_20022_LV_v39

iso 20022 the cards related retail financial services seg 2 3
ISO 20022 – The Cards & Related Retail Financial Services SEG (2/3)

covering instruments…

Cards and Retail

Debit card

…and actors as:

Charge and credit card

Acceptor (merchant, retailer)

Card holder

Prepaid card

Card issuer

Hard- and Software providers

Card scheme

Acquirer

Intermediary agent

ISO_20022_LV_v39

iso 20022 the cards related retail financial services seg 3 3
ISO 20022 – The Cards & Related Retail Financial Services SEG (3/3)

including business areas such as:

Transactions between merchants and acquirers, and cardholders and issuers that support authorization, clearing, reversal, chargeback, dispute processing, etc.

Transactions between acquirers and card issuers

Similar messages transacted on internet or from mobiles or other personal devices

ATM processes such as authorization, processing, ATM management and inventory

POI messages for payments, administrative and device related services

ISO_20022_LV_v39

iso 20022 technical support group
ISO 20022 – Technical Support Group
  • Members – 22 experts
    • 8 countries: BR, CN, FI, FR, GB, NL, US, ZA
    • 4 liaison organisations: FPL, Mastercard, SWIFT, VISA
  • Convener: Derek Lasalle, JP Morgan Chase (US); Vice-convener: Paul Hojka, APACS (GB); Secretary: Kris Ketels, SWIFT
  • Kick-off meeting: on 23-24 October 2008
  • Mission: help RMG, RA, SEGs and Submitting Organisations with technical matters

ISO_20022_LV_v39

harmonising across all industries with un cefact
Harmonising across all industries with UN/CEFACT

United Nations/CEFACT –

Centre for trade facilitation and e-business

  • Created in 1997 to improve world-wide co-ordination of trade facilitation across all industries
  • Focusing on international standards for electronic transactions (e.g., ebXML venture with OASIS)
  • Promoting technology neutral business modelling and a central repository of core components

Goal is to establish interoperability between ISO 20022 and UN/CEFACT repositories

ISO_20022_LV_v39

harmonisation between iso and un cefact
Harmonisation between ISO and UN/CEFACT
  • 2004:
    • TC68, TBG5 and SWIFT sign a cooperation agreement to investigate alignment in line with the objectives of the ‘MoU on e-Business’
    • A workplan is agreed between the signatories
  • 2005:
    • Recommendation for alignment of methodologies
    • Trial submission from ISO 20022 to UN/CEFACT
  • 2006:
    • WG4 takes over technological alignment
  • 2007:
    • First official submission from ISO 20022 to UN/CEFACT
    • Project of submission from UN/CEFACT to ISO 20022
  • 2008:
    • Customer-to-bank payment components harmonised and accepted in UN/CEFACT core component library

ISO_20022_LV_v39

a single iso un cefact approach
A single ISO-UN/CEFACT approach

ISO 20022

Registration

Management Group

ISO 20022

Users

ISO 20022

Standards

Evaluation Groups

ISO 20022

Registration

Authority

ISTH

UN / CEFACT

(All Industries)

Omgeo

UN/CEFACT Registry/

Repository

ISO 20022 Financial

Repository

Securities

CLS

Business

Requests

TBG5 Finance and

TBG17

Harmo-

nisation

Payments

SWIFT

Core

Components

Data

Dictionary

Euroclear

Trade Services

Message

Models

Common

Business

Processes

Business

Process

Catalogue

ISITC

Forex

ACBI

www.iso20022.org

Cards

ISO_20022_LV_v39

continuing with today s agenda2

Interoperability within

the financial industry - securities

Continuing with today’s agenda

ISO 20022

ISO_20022_LV_v39

slide44

ISO 15022

FIX

FIX

ISO 15022

Two overlapping standards to support the end-to-end transaction

Trade

Messages

Indication

Quotation

Order

Execution

(Pre-)Allocation

Confirmation

Settlement

Reconciliation

ISO_20022_LV_v39

slide45

Order (FIX)

Order (ISO 15022)

Order (FIX)

Order (ISO 15022)

Execution (FIX)

Execution (ISO 15022)

Execution (FIX)

Execution (ISO 15022)

Working towards co-existence and convergence

Ordering Party

Trade Counterparty

Executing Party

Trade Counterparty

Ordering Party

ISO_20022_LV_v39

slide46

ISO 20022

Single

Order

Single

Execution

Working towards co-existence and convergence

FIX

ISO 15022

Order

New

Order -

single

MT 502

Execution

Execution

Report

MT 513

ISO_20022_LV_v39

slide47

Working towards co-existence and convergence

FIX

ISO 20022

ISO 15022

Order to buy/sell

Security

Quantity

Limit price

Expiry date

Account USD

54=1

22 = 4; 48 = <ISIN>

38 = 1000

44 = 112; 40 = 2

432 = YYYYMMDD

1 = myAccount

Side/BUYI

ISIN/<ISIN>

OrderQuantity3/Quantity

Order3/OrderPrice/Price1

OrderExpiryDate

AccountIdentification

:22F::BUSE//BUYI

:35B::<ISIN>

:36B::ORDR//UNIT/1000

:90B::LIMI//ACTU/USD112

:98A::EXPI//YYYYMMDD

:97A::CASH//myAccount

ORDER

Executed quantity

Executed price

Execution date

Settlement date

32 = 750

31 = 110; 15 = USD

75 = YYYYMMDD

64 = YYYYMMDD

ExecutedTradeQuantity

ExecutedTradePrice

TradeDate

SecuritiesSettlement1/Date

:36B::CONF//UNIT/750

:90B::DEAL//ACTU/USD110

:98A::TRAD//YYYYMMDD

:98A::SETT//YYYYMMDD

EXECUTION

ISO_20022_LV_v39

slide48

Order (FIX)

Order (FIX)

Order (ISO 15022)

Order (FIX)

Order (FIX)

Order (ISO 15022)

Order (ISO 20022)

Execution (FIX)

Execution (FIX)

Execution (ISO 15022)

Order (ISO 20022)

Execution (FIX)

Execution (FIX)

Execution (ISO 15022)

Execution (ISO 20022)

Execution (ISO 20022)

Working towards co-existence and convergence

Ordering Party

Trade Counterparty

Executing Party

Trade Counterparty

Ordering Party

ISO_20022_LV_v39

continuing with today s agenda3

Interoperability within

the financial industry - payments

Continuing with today’s agenda

ISO 20022

ISO_20022_LV_v39

working towards interoperability and convergence
Working towards interoperability and convergence

Bank A

IFX format

Proprietary format

Bank B

Customer A

SWIFT

MT 101

Bank C

Let us look at one concrete example from payments area:

a customer may need to adapt to the format of the banks…

ISO_20022_LV_v39

working towards interoperability and convergence1

Customer A

Customer B

Customer C

Working towards interoperability and convergence

IFX format

Proprietary format

Bank A

SWIFT

MT 101

…or banks may need to accept many formats…

ISO_20022_LV_v39

working towards interoperability and convergence2
Working towards interoperability and convergence

Proprietary

OAGi

TWIST

ISO 20022

Core Payment

Kernel model

SWIFT MT

IFX

The reverse engineering produces a canonical ISO 20022 message model and ‘convergence tables’

ISO_20022_LV_v39

working towards interoperability and convergence3
Working towards interoperability and convergence

IFX

Core

Payment

Kernel

MT 101

MT 101

ISO 20022

Core

Payment

Kernel

IFX

Adopting ISO 20022 facilitates convergence and co-existence

ISO_20022_LV_v39

slide54

www.iso20022.org

uestions

&

Answers

iso20022ra@iso20022.org

ISO_20022_LV_v39