ISO 15022 is an

ISO standard The International Organization for Standardization (ISO ; ; ) is an independent, non-governmental, international standard development organization composed of representatives from the national standards organizations of member countries. Me ...

for securities messaging used in transactions between financial institutions. Participants in the

financial industry Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

need a common representation of the

financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ...

s they perform and this standard defines general message

schema Schema may refer to: Science and technology * SCHEMA (bioinformatics), an algorithm used in protein engineering * Schema (genetic algorithms), a set of programs or bit strings that have some genotypic similarity * Schema.org, a web markup vocab ...

, which in turn are used by organizations to define messages in a complete and unambiguous way. This results in efficiency, lower costs, and the avoidance of errors. Prior to standardization in this area, there were overlapping standards, or

ad hoc ''Ad hoc'' is a List of Latin phrases, Latin phrase meaning literally for this. In English language, English, it typically signifies a solution designed for a specific purpose, problem, or task rather than a Generalization, generalized solution ...

approaches where there was a functional gap and no standard.

Transition from ISO 7775 to ISO 15022

ISO 15022 replaces the previous securities messaging standard ISO 7775. It provides two syntaxes: one compatible with the preceding standards, and one fairly compatible with

EDIFACT United Nations/Electronic Data Interchange for Administration, Commerce and Transport (UN/EDIFACT) is an international standard for electronic data interchange (EDI) developed for the United Nations and approved and published by UNECE, the UN Econ ...

. ISO 20022 is the successor to ISO 15022.

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIF ...

is the

registration authority Registration authorities (RAs) exist for many standards organizations, such as ISO, the Object Management Group, W3C, and others. In general, registration authorities all perform a similar function, in promoting the use of a particular standard ...

for ISO 15022. In SWIFT financial messages, the standard is applied to variety of message types. ISO 15022 was developed in 1992, in London, to provide the securities industry with a better tool to create message standards. The previous standard ISO 7775 contained the actual message standards themselves (like the SWIFT message types MT 520 or MT 534), which did not make it easy to make changes to these standards (because each time one needs to pass a number of time-consuming standard cycles). To avoid this, ISO 15022 does not contain the actual messages, but contains a set of rules and guidelines to build messages. If these rules and guidelines are adhered to (checked by the registration authority) the resulting message (format) is automatically an ISO 15022-compliant standard. Examples are the MT103, MT202 Cov, MT540, MT542, MT548, etc.

Parts

ISO 15022 is split into two parts: *ISO 15022-1:1999 ''Securities -- Scheme for messages (Data Field Dictionary) -- Part 1: Data field and message design rules and guidelines'' *ISO 15022-2:1999 ''Securities -- Scheme for messages (Data Field Dictionary) -- Part 2: Maintenance of the Data Field Dictionary and Catalogue of Messages''

Notes

{{DEFAULTSORT:Iso 15022 #15022 Financial regulation Financial routing standards

Transition from ISO 7775 to ISO 15022

Parts

See also

Notes