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6 Payments Standards ISO 20022 - Coggle Diagram
6 Payments Standards ISO 20022
Multiple Messaging Standards
Challenges
Syntax
Semantic
Recipe to create financial standards
Business
Define business meaning of financial concepts
e.g. Credit Transfer
Logical
Define messages
Physical
XML format
FEDWIRE (US), SWIFT MT103 (UK), SEPA (EU)
Value Proposition
Numerous point to point conversation [n * (n-1)]
Optimize integration to n*2
Canonical message model
ISO aims at long term convergence,
while facilitating short-term coexistence
Cross border payment
Challenges
Interoperability
Data and Messages
Intention to move SWIFT MT to ISO20022
ISO 20022 pronounced as Twenty'O'TwentyTwo