9 ISO 20022 Standards for Foreign Exchange

ISO 20022 is a worldwide, open standard for financial messaging that establishes a shared language and data model, utilized in the new MX message format. It offers consistent, detailed, and organized data suitable for all types of financial transactions.

Advantages of MX Message are:
  • ISO 20022 XML features a complex data structure, where each data point is represented by a distinct XML field. This allows for a more refined way of delivering information. Furthermore, it accommodates local language needs and is built to support nearly all types of electronic payment methods worldwide.
  • The MX message is structured in layers, organizing data elements into logical groups.
MX message Identifier
  • The initial section of the MX message indicates the Business Domain, such as Payments or Securities, which are uniquely identified by four-character codes known as business area codes like pacs, pain, and fxtr.
  • The following 3 characters indicate the Message Identifier.
  • The following 3 digits known as the Variant Number. When the Variant Number is 001, it indicates the global message definition.
  • The last 2 digits represent the Version of messages in ISO20022.

OBTR supports the below following foreign exchange trade messages in ISO20022 MX format.

  • A Foreign Exchange Trade Instruction (fxtr.014.001) is a message that a participant sends to a central system to inform about the establishment of a foreign exchange trade agreement between both trading parties.
  • The Foreign Exchange Trade Instruction Amendment (fxtr.015.001) is a message sent by a participant to a central system to inform about changes to a foreign exchange trade that was previously confirmed by the sender.
  • The Foreign Exchange Trade Instruction Cancellation (fxtr.016.001) is a message sent by a participant to a central system to inform them about the cancellation of a foreign exchange trade that was previously confirmed by the sender.

Pre-requisite

When the Media is maintained as “FINPLUS” at Treasury Customer Address Maintenance screen(MSDTRCAD) . System can generate above FX Message types in MX format.