ISO 15022 is an ISO standard for messaging used in transactions between financial institutions. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a complete and unambiguous way.This results in efficiency, lower costs, and the avoidance of errors. Prior to standardization in this area, there were overlapping standards, or ad hoc approaches where there was a functional gap and no standard.
The International Organization for Standardization is an international standard-setting body composed of representatives from various national standards organizations.
A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.
In computer science and information science, an ontology encompasses a representation, formal naming, and definition of the categories, properties, and relations between the concepts, data, and entities that substantiate one, many, or all domains.
ISO 15022 replaces the previous securities messaging standard ISO 7775. It provides two syntaxes: one compatible with the preceding standards, and one fairly compatible with EDIFACT. ISO 20022 is the successor to ISO 15022. SWIFT is the Registration Authority for ISO 15022. In SWIFT Financial messages, the standard is applied to variety of message types.
United Nations/Electronic Data Interchange for Administration, Commerce and Transport (UN/EDIFACT) is the international EDI standard developed under the United Nations.
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.
ISO 15022 was developed in 1995 to provide the securities industry with a better tool to create message standards. The previous standard ISO 7775 contained the actual message standards themselves (like the SWIFT message types MT 520 or MT 534), which did not make it easy to make changes to these standards (because each time one needs to pass a number of time-consuming standard cycles). To avoid this, ISO 15022 does not contain the actual messages, but contains a set of rules and guidelines to build messages. If these rules and guidelines are adhered to (checked by the registration authority) the resulting message (format) is automatically an ISO 15022-compliant standard. Examples are the MT103, MT202 Cov, MT540, MT542, MT548, etc.
MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer.
ISO 15022 is split into two parts:
The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. It was originally adopted by the European Committee for Banking Standards (ECBS), and later as an international standard under ISO 13616:1997. The current standard is ISO 13616:2007, which indicates SWIFT as the formal registrar. Initially developed to facilitate payments within the European Union, it has been implemented by most European countries and numerous countries in the other parts of the world, mainly in the Middle East and in the Caribbean. As of February 2016, 69 countries were using the IBAN numbering system.
Data integrity is the maintenance of, and the assurance of the accuracy and consistency of, data over its entire life-cycle, and is a critical aspect to the design, implementation and usage of any system which stores, processes, or retrieves data. The term is broad in scope and may have widely different meanings depending on the specific context – even under the same general umbrella of computing. It is at times used as a proxy term for data quality, while data validation is a pre-requisite for data integrity. Data integrity is the opposite of data corruption. The overall intent of any data integrity technique is the same: ensure data is recorded exactly as intended and upon later retrieval, ensure the data is the same as it was when it was originally recorded. In short, data integrity aims to prevent unintentional changes to information. Data integrity is not to be confused with data security, the discipline of protecting data from unauthorized parties.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet network, and ISO 9362. Business Identifier Codes are popularly known as "SWIFT codes".
ISO 9362 defines a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. The ISO has designated SWIFT as the BIC registration authority. When assigned to a non-financial institution, the code may also be known as a Business Entity Identifier or BEI. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
Delivery versus payment or DvP is a common form of settlement for securities. The process involves the simultaneous delivery of all documents necessary to give effect to a transfer of securities in exchange for the receipt of the stipulated payment amount. Alternatively, it may involve transfers of two securities in such a way as to ensure that delivery of one security occurs if and only if the corresponding delivery of the other security occurs.
Registration authorities exist for many standards organizations, such as ANNA, the Object Management Group, W3C, IEEE and others. In general, registration authorities all perform a similar function, in promoting the use of a particular standard through facilitating its use. This may be by applying the standard, where appropriate, or by verifying that a particular application satisfies the standard's tenants. Maintenance agencies, in contrast, may change an element in a standard based on set rules – such as the creation or change of a currency code when a currency is created or revalued. The Object Management Group has an additional concept of certified provider, which is deemed an entity permitted to perform some functions on behalf of the registration authority, under specific processes and procedures documented within the standard for such a role.
ISO/IEC 6523 Information technology – Structure for the identification of organizations and organization parts is an international standard that defines a structure for uniquely identifying organizations and parts thereof in computer data interchange and specifies the registration procedure to obtain an International Code Designator (ICD) value for an identification scheme.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
ISO/IEC 11179 is an international standard for representing metadata for an organization in a metadata registry.
ISO 8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.
Cybersecurity standards are techniques generally set forth in published materials that attempt to protect the cyber environment of a user or organization. This environment includes users themselves, networks, devices, all software, processes, information in storage or transit, applications, services, and systems that can be connected directly or indirectly to networks. The principal objective is to reduce the risks, including prevention or mitigation of cyber-attacks. These published materials consist of collections of tools, policies, security concepts, security safeguards, guidelines, risk management approaches, actions, training, best practices, assurance and technologies.
International standards in the ISO/IEC 19770 family of standards for IT asset management (ITAM) address both the processes and technology for managing software assets and related IT assets. Broadly speaking, the standard family belongs to the set of Software Asset Management standards and is integrated with other Management System Standards.
Information technology risk, IT risk, IT-related risk, or cyber risk is any risk related to information technology. While information has long been appreciated as a valuable and important asset, the rise of the knowledge economy and the Digital Revolution has led to organizations becoming increasingly dependent on information, information processing and especially IT. Various events or incidents that compromise IT in some way can therefore cause adverse impacts on the organization's business processes or mission, ranging from inconsequential to catastrophic in scale.
SWIFT Message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and retrospectively made into an ISO standard, ISO 15022. This was later supplemented by a XML based version under ISO 20022.
The Payment Services Directive is an EU Directive, administered by the European Commission to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The Directive's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users.
CIPURSE is an open security standard for transit fare collection systems. It makes use of smart card technologies and additional security measures.
The Cross-Border Interbank Payment System (CIPS) is a payment system which, offers clearing and settlement services for its participants in cross-border RMB payments and trade. It is a significant financial market infrastructure in China. As planned, CIPS will be developed in two phases. On 8 October 2015, CIPS went live. The first batch of direct participants includes 19 Chinese and foreign banks which were set up in mainland China and 176 indirect participants which cover 6 continents and 47 countries and regions. On 25 March 2016, CIPS signed an MoU with SWIFT with mutual understanding of deploying SWIFT as a secure, efficient and reliable communication channel for CIPS's connection with SWIFT's members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment. CIPS is sometimes referred to as the China Interbank Payment System.
The International Standard Link Identifier (ISLI), is an identifier standard. ISLI is a universal identifier for links between entities in the field of information and documentation. It was developed by the International Organization for Standardization (ISO) and published on May 15, 2015. ISO/TC 46/SC 9 is responsible for the development of the ISLI standard.
IEC 61360, with the title "Standard data element types with associated classification scheme", is a series of standard documents defining a general purpose vocabulary in terms of a reference dictionary published by the International Electrotechnical Commission.