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How a new ISO 20022 message is created?

As we have discussed in our earlier blog, ISO or International Organisation for Standardisation is an independent, non-governmental international organisation which develops standards which provide the best way of doing something. You can imagine ISO 20022 as a standard or framework aimed to provide a common language for all financial communications. It is independent of the communication network, the business domains or the parties involved.

If a financial organisation, a clearing system or any other party part of a financial communication wants to create a new ISO 20022 message, first it needs to submit a business justification to the ISO 20022 Registration Management Group. If it is found to be justified, then the ISO 20022 Standards Evaluation Group, along with the RMG and the registration authority will create a draft of the new ISO message. The registration authority of ISO 20022 is SWIFT. 

Once the draft message is created, it will be evaluated by the users and the SEG. Once approved the message gets registered and appears in the message catalogue of ISO 20022. So, this is in brief how a message gets registered in ISO 20022.  

In the ISO 20022 website, the catalogue of the registered messages is available.

ISO 20022 Messages Catalogue Vs MX Messages Catalogue

Most SWIFT MX messages are registered in the above way in ISO 20022 and thus form a part of the ISO 20022 message catalogue. But there are some MX messages which follow the ISO 20022 framework, but are not registered, and thus do not appear in this message catalogue. These may be some system messages or gpi tracking messages like trck.004 or xsys.002. On the other hand, though ISO 20022 have developed a message framework for cards also, currently SWIFT MX don't support card messages.

Thus, if you imagine ISO 20022 message catalogue as the blue circle, then SWIFT MX message catalogue can be imagined as this green circle, where some messages are part of MX but are not registered on ISO 20022, and again some messages which are part of ISO 20022 but are not used yet in SWIFT MX.

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