What is ISO 20022?
ISO 20022 – Universal financial industry message scheme (which used to be also called “UNIFI”) is the international standard that defines the ISO platform for the development of financial message standards. Its business modelling approach allows users and developers to represent financial business processes and underlying transactions in a formal but syntax-independent notation. These business transaction models are the “real” business standards. They can be converted into physical messages in the desired syntax. At the time ISO 20022 was developed, XML (eXtensible Mark-up Language) was already the preferred syntax for e-communication. Therefore, the first edition of ISO 20022 proposes a standardized XML-based syntax for messages.
