What is the role of the ISO 20022 Standards Evaluation Groups (SEGs)?
The SEGs, composed of industry experts in specific business domains of the financial industry, have a twofold role: (1) to ensure that the proper industry groups are informed of proposed developments to ensure all business requirements will be addressed, and (2) to validate the new messages from a business perspective to ensure that what will be posted in the ISO 20022 repository by the RA really addresses the needs of future communities of users as described in the business justification accepted by the RMG in the first place. The RMG has already defined the scope of five SEGs: ‘Payments’ and ‘Securities’ were created in 2005, ‘Trade Services’ and ‘FX’ (Foreign Exchange) were created in 2006 and ‘Cards and related retail financial services’ was created in 2008. If required, additional SEGs can be created by the RMG to address other areas of the financial industry.
