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How does ISO 20022 organise financial message definitions?

ISO 20022 messages are organised by business domain (e.g. Payments, Securities, FX, Trade Services and Cards), business area (e.g. Cash Management, payments initiation, Payments Clearing and Settlement, etc.), message definition (e.g. FI-to-FICustomerCreditTransfer, FI-to-FIPaymentStatusReport, PaymentReturn), variant identification and version number.

What do the ISO prefixes mean?

ISO stands for International Organisation for Standardisation. ISO develops and publishes international standards, covering a huge range of activities. ISO involves industry subject matter experts in their development who know the needs of the organisations and industries they represent. ISO standards could be envisaged as a formula that describes the best way of doing/implementing something consistently.

How will the new definitions affect payments?

ISO 20022 definitions will reduce ambiguity when exchanging financial information. ISO 20022 ensures stability in definition and roles. For example, the identity of the debited/credited party is explicit. Moreover, each ISO 20022 message has its own purpose and usage.

How will ISO 20022 apply to investment funds?

ISO 20022 was introduced to put an end to fax and mainly to introduce the automation of manual processes and straight through processing in the investment fund industry. There are already different sets of messages that cover the investment of mutual and hedge funds processes, reporting and reference data.

What is the MT103 equivalent in ISO 20022?

The ISO 20022 MT 102 and MT 103 mapping equivalent is the pacs.008 ( FI To FI Customer Credit Transfer).

How will securities clearing and settlement and corporate actions be impacted by ISO 20022?

For securities, there will be no set end date for the use of ISO 15022. The ISO 20022 capability for cross-border securities flows will be used on an opt-in basis.

Will there be any change to forex and trade come ISO 20022?

Responses to the market consultation indicated little appetite to stop using MT messages at this time for FX, Treasury and Trade Finance. 

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