What is EN ISO 20022:2014 ?

EN ISO 20022:2014, also known as ISO 20022 or Universal Financial Industry message scheme, is an international standard for financial messaging. It was developed by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) with the primary aim of providing a common language and structure for exchanging financial information between different entities, such as banks, corporations, and payment systems.

The purpose of EN ISO 20022:2014 is to enable interoperability and improve efficiency in financial transactions. By providing a standardized format for financial messages, it eliminates the need for multiple proprietary formats, reduces the costs associated with data translation and reconciliation, and makes it easier for organizations to process, analyze, and reconcile financial transactions.

Some of the key features of EN ISO 20022:2014 include:

* A standardized format for financial messages, including data elements, validation rules, and message structures.

* A set of data elements, such as customer account information, transaction details, and payment instructions.

* A validation rule to ensure the consistency and accuracy of the data.

* A message structure to define the format and content of the message.

* A mapping of data elements to message structures for cross-border data exchange.

EN ISO 20022:2014 aims to provide a unified and simplified way of exchanging financial information across different entities. By standardizing the format and content of financial messages, it can help in reducing errors, improving efficiency, and enhancing straight-through processing.