ISO 20022, pronounced as ‘ISO twenty-oh-two-two’, is a globally recognized standard that facilitates the exchange of electronic messages among financial institutions. Initially introduced in 2004, ISO 20022 was developed to establish a unified platform for creating messages using a standardized modelling approach, a central dictionary, and a set of XML and ASN.1 design rules.
ISO 20022 is gradually becoming the universal language and model for financial messages worldwide. While it is not a new standard, real-time and high-value payment systems have already embraced ISO 20022. However, the true significance of this shift will unfold in the coming years. With major currencies adopting ISO 20022 formatting, SWIFT estimates that approximately 80% of global high-value payments by volume will be processed using ISO 20022.
Written by Andrii Vovk