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ISO 20022 is anISOstandard forelectronic data interchange betweenfinancial institutions. It describes a metadata repository containing descriptions of messages andbusiness processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information,credit anddebit card transactions and other financial information.
The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. The metadata is stored inUML models with a special ISO 20022 UML Profile. Underlying all of this is the ISO 20022 metamodel – a model of the models. The UML profile is the metamodel transformed into UML. The metadata is transformed into the syntax of messages used in financial networks. The first syntax supported for messages was XML Schema.
ISO 20022 is widely used in financial services. Organizations participating in ISO 20022 includeSWIFT. ISO 20022 is the successor toISO 15022; originally ISO 20022 was called ISO 15022 2nd Edition. ISO 15022 was the successor ofISO 7775.
ISO 20022 Financial services – Universal financial industry message scheme.
| Part | Part Name |
|---|---|
| ISO 20022-1:2013 | Metamodel |
| ISO 20022-2:2013 | UML profile |
| ISO 20022-3:2013 | Modeling |
| ISO 20022-4:2013 | XML Schema generation |
| ISO 20022-5:2013 | Reverse engineering |
| ISO 20022-6:2013 | Message transport characteristics |
| ISO 20022-7:2013 | Registration |
| ISO 20022-8:2013 | ASN.1 generation |
A 2015 report by the United States'sFederal Reserve System classified Europe having "mature adopters" of ISO 20022;India,South Africa,Japan,Singapore, andSwitzerland as having "growing adopters"; andAustralia,Canada, theUnited Kingdom, andNew Zealand as having "interested adopters". The report concluded that the Federal Reserve should push for ISO 20022 adoption within the United States financial system.[1]
Australia'sNew Payments Platform, launched in February 2018,[2] uses ISO 20022 messaging.[3]
The Reserve Bank of New Zealand plans to support ISO 20022 from November 2022 onward.[4]
Nordic countries launched the P27 payment platform, but that initiative eventually failed in 2023.[5]
TheEurosystem in March 2023 switched its real-time gross settlement to T2, which follows ISO 20022. The switch involves transactions for settling payments related to the Eurosystem's monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 previously handled transactions for over 2000 G€ per day.[6]
In the United States, the Federal Reserve'sFedwire Funds Service will begin using the ISO 20022 messaging format in July 2025[needs update].[7] TheFederal Reserve'sFedNow instant payments service also uses ISO 20022 messaging.[8] The privateClearing House Payments Company's RTP instant payments service uses ISO 20022 messaging. ItsCHIPS funds transfer service migrated to using ISO 20022 in April 2024.[9]
