ISF and ISO20022

ISO20022 is a standard, proposed by ISO, for financial messages that includes:
  • A development methododlogy
  • A registration process
  • A central repository with a common data dictionary and business process catalog
The ISO20022 data dictionary defines a rich set of business components that define the representation of a (part of a) key business notion, and data types that define the set of valid values that a Business Element (that is, a property of a business component) may contain. This data dictionary provides the logical model on which the standard messages in the ISO20022 Catalogue of Messages are based.
Note: For more information see ISO20022 business model and ISO20022 data dictionary

The logical data model defined by the ISO20022 Data Dictionary has been put together over many years by experts in the financial industry. It provides a rich content related to financial transactions and complies with the ISF principles. The ISO20022 business components and Data Types provide the base content of the ISF.

The ISO20022 business components define the common set of building blocks within the ISF that are used to define the business data content of Transactions.

The ISO20022 business components are reflected as a set of complex type definitions for the ISF XML. Schema. The ISO20022 Data Types are reflected as a set of Simple Type definitions for the ISF XML Schema.

ISF Version 3 is based on the content of the ISO20022 Repository R8.0.0.1, which was published in November 2011, and included a major revision of the Business Model.