ISO 20022 Business Model: a review is underway!

May 25, 2011  |  Electronic Invoicing

The ISO 20022 Repository consists of two major parts: the Data Dictionary and the Business Process Catalogue.

The Data Dictionary contains Business Concepts, Message Concepts and Data Types. All these items are reusable and are called Dictionary Items. The Data Dictionary as a whole is under release control.

The Business Process Catalogue is organized in Business Areas. The communication requirements and the interaction requirements in the various Business Areas are supported by Business Transactions. All items that are stored in the Business Process Catalogue are called Catalogue Items.

This diagram shows the high level structure of the ISO 20022 Repository.

Clear ISOrep ISO 20022 Business Model: a review is underway!

The Clean-up-act of the ISO 20022 Business Model.
Have you ever wondered why? There will be no impact at message level. Indeed, this exercise only focuses on refining and improving the business model, namely the definitions of business concepts and how they relate to one another. It is purely a maintenance effort. You have all heard of FileAct; well, this one’s called the CleanupAct.

Why is there already a need to clean things up?
The business model provides the bird’s eye view. It is about capturing real business information, for instance, business concepts, instruments, definitions, characteristics, etc. As with most other things, everything starts with human input, including its inherent imperfections. This means that we are also fixing typos and errors, complete missing traces, refining definitions and removing “tbd-s”. The more the business model is perfected, and the more it gets adopted, the nearer we will come to the elusive, yet much desirable interoperability.

So, high time to take a fresh look at the entire model!

Doing this review under the ISO umbrella means that the business model benefits not only SWIFT standards, but also non-SWIFT standards developed in other areas of the financial community. This is exactly what interoperability aims to achieve!

For more details, please refer to www.iso20022.org and www.swift.com


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