ISO 20022 CERTIFICATION - FINANCIAL INDUSTRY
What is ISO 20022?
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.
The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. The metadata is stored in UML models with a special ISO 20022 UML Profile.
Benefits of ISO 20022 Certification
Who can be certified ISO 20022 Certification?
Document required for ISO 20022 Certification
The extent of Documented Information differs as per:
Role of Shamkris and Process of ISO 20022 Certification
Shamkris adopts a results-oriented approach to effective system implementation in the organization. A simple and practical method of system implementation helps organizations increase business efficiency and sustainability. Shamkris supports 100% documentation to obtain an accreditation body of success in addition to enhanced performance.
The implementation process is described below:
Implementing Management System
Year on Year
ISO 20022 migration is not mandatory from a regulatory perspective, but those that do not act now risk being excluded from international payment systems.
ISO 20022 is an emerging global and open standard for payments messaging. It creates a common language and model for payments data across the globe. One that provides higher quality data than other standards which means higher quality payments for all. One that can adapt to new needs and new approaches.
It was first introduced by the International Organization for Standardization in 2004 to give the financial industry a standard platform for developing messages in one eXtensible Markup Language (xml) rule.
ISO 20022, pronounced ‘ISO twenty-oh-two-two’, is an international standard for exchanging electronic messages between financial institutions. … User communities and message developers will use the same message structure, form, and meaning to relay financial transaction information worldwide.