ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business 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 and debit 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 in UML 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 will be widely used in financial services, tentatively starting in March 2023.[1] Despite many misinformation of the contrary, compliance on this standard is not measured or granted by a regulatory body: "There is no official certification authority for ISO 20022, and the implementation of ISO 20022 message definitions will depend a lot on the specific requirements of the community that is implementing."[2]

ISO 20022 is widely used in financial services. Organizations participating in ISO 20022 include: SWIFT, XRP, Algorand, XLM, XEP, and IOTA.

ISO 20022 is the successor to ISO 15022; originally ISO 20022 was called ISO 15022 2nd Edition. ISO 15022 was the successor of ISO 7775.

Parts of the standard

ISO 20022 Financial services – Universal financial industry message scheme.

Part Part Name
ISO 20022-1:2013 Part 1 Metamodel
ISO 20022-2:2013 Part 2 UML profile
ISO 20022-2:2013 Part 3 Modeling
ISO 20022-2:2013 Part 4 XML Schema generation
ISO 20022-2:2013 Part 5 Reverse engineering
ISO 20022-2:2013 Part 6 Message transport characteristics
ISO 20022-2:2013 Part 7 Registration
ISO 20022-2:2013 Part 8 ASN.1 generation

Management of the standard


A 2015 report by the United States's Federal Reserve System classified Europe having "mature adopters" of ISO 20022; India, South Africa, Japan, Singapore, and Switzerland as having "growing adopters"; and Australia, Canada, the United Kingdom, and New Zealand as having "interested adopters". The report concluded that the Federal Reserve should push for ISO 20022 adoption within the United States financial system.[3]

Australia's New Payments Platform, launched in February 2018,[4] uses ISO 20022 messaging.[5]

The Reserve Bank of New Zealand plans to support ISO 20022 from November 2022 onward.[6]

In July 2018, the Federal Reserve Board of Governors requested comments on the proposed adoption of the ISO 20022 message format in a migration beginning in 2020 and ending in 2023.[7]

Nordic countries launched the P27 payment platform.

See also


  1. ^ "Swift accepts community request to start ISO 20022 migration in March 2023". SWIFT - The global provider of secure financial messaging services. 2022-10-27. Retrieved 2022-10-28.
  2. ^ "Frequently asked questions". ISO20022. Retrieved 2022-10-28.
  3. ^ "Strategies for improving the U.S. payment system" (PDF). Federal Reserve System. 26 January 2015. Retrieved 2015-05-16.
  4. ^ "The New Payments Platform Launches" (PDF). NPPA. 13 February 2018. Retrieved 2019-03-19.
  5. ^ "The Platform". NPPA. Retrieved 2019-03-19.
  6. ^ "Moving to ISO 20022". RBNZ. Retrieved 2022-09-06.
  7. ^ "New Message Format for the Fedwire® Funds Service". Federal Register. 2018-07-05. Retrieved 2019-02-18.