For this reason, ISO 20022 does not necessarily have to be expressed in XML messages and could, for example, also be rendered in JSON.Īllows any user to create ISO 20022 messages and data structures including new contents in the business model to define the financial business concepts, processes, flows, and inter-relations. Based on universal business models, the common standards can be enhanced to incorporate features of new technology and can be made tangible by adopting a physical standard. ISO 20022 provides the means to achieve a uniform and unambiguous interpretation of the data exchanged among users, regardless of different technologies in use within and across the financial industry. Any organization can make use of standards and design messages in a collaborative way as open standards are not controlled by a single commercial interest, and are publicly available.
Value of ISO 20022 for FinTech The value provided by ISO 20022 across different FinTech implementations can be summarised in four areas:Ī key enabler for the future of open banking. Equally, adopting the prevalent financial services business-standard would contribute to the seamless deployment of a FinTech solution since most of these solutions have a complementary role. Similarly, such business alignment would make it easier to create universal web and mobile payments or machine learning solutions – all thanks to a robust fundament of aligned business flows. One could imagine rich data mining solutions responding to regulatory requirements because all business segments could be aligned across different systems within an organization.
As a common business language for the financial marketplace, ISO 20022 is firmly positioned as a unifier for new and contrasting FinTech innovations, such as Distributed Ledger Technology (DLT), Smart Contract (SC), and Application Programming Interfaces (APIs).Ĭonsidered the de facto, universal business language for financial industry initiatives, ISO 20022 acts as an enabler for new and emerging innovations.
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