Article: Adoption of ISO 20022 in Transaction Reporting12 January 2017 | Alan McIntyre
Despite being a relatively new standard, adoption of ISO 20022 in Transaction Reporting is gaining increasing significance and traction within the world of European regulatory reporting. ISO 20022 is the successor to ISO 15022 and at the risk of revealing my age I recall implementing ISO 15022 standards for SWIFT messaging when I worked at Blackrock many years ago.
As with ISO 15022, SWIFT is one of the main proponents of the ISO 20022 standard – calling it “The standard of the future”. ISO 20022 is not limited to just the SWIFT network though and is described by them as “A global and open standard”, that “can be used by anyone in the industry and implemented on any network”.
So what exactly is ISO 20022?
ISO 20022 is an XML schema or language for the “electronic data interchange between financial institutions”. In non-