8 Processing of MX Messages as per ISO 20022
This topic describes the overview of the ISO 20022.
ISO 20022 is a multi part International Standard prepared by ISO Technical Committee TC68 Financial Services.
It is a messaging standard for exchanging electronic messages. It uses XML syntax and offers structured rich data. This format is already used by many real-time, low-value, and high-value clearing systems around the world. Offers richer references and improved remittance information.
Under ISO 20022, financial institutions will be changing the messages they send and receive via SWIFT from the legacy MT (message type) format to the new MX (message type XML) format, which is more transparent, holds more data and is expected to boost interoperability between banks.
For banks, the most important difference between SWIFT MT messages and the new MX message format used for ISO 20022 is that MX messages are far richer in data. Banks have the opportunity to leverage this data to enhance everything from sanctions and compliance processes to customer analytics.
The primary difference between ISO 20022 and SWIFT messages is their respective formats. Both styles of message are text-based, but SWIFT messages use a notation that is peculiar to SWIFT whereas ISO 20022 uses a standardized XML-based syntax for messages.
- acmt: Account Management
- auth: Authorities Communications
- caaa: Acceptor to Acquirer Card Transactions
- cain: Acquirer to Issuer Card Transactions
- catm: Card Terminal Management
- catp: ATM Card Transactions
- caam: ATM Management
- pacs: Payments Clearing and Settlement
- pain: Payments Initiation
- camt: Cash Management
- remt: Payments Remittance Advice
- fxtr: Foreign Exchange Trade
- colr: Collateral Management
- setr: Securities Trade
- secl: Securities Clearing
- sese: Securities Settlement
- semt: Securities Management
- seev: Securities Events
- tsin: Trade Services Initiation
- tsmt: Trade Services Management
- reda: Reference Data