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ISO 20022 releases a “for dummies”

The guys behind the new standard for financial messaging have released a free online resource called ISO 20022 for dummies.

It’s an interesting read not only does it given a overview of the new standard it highlights the challenges organizations face in migrating. Many organizations will rely on middleware to help avoid the cost associated with a full-scale migration. A middleware product like BizTalk Server enables them to still use older standards internally and transform messages to the required format. This eliminates the need to update systems, particularly legacy systems that might be slated for replacement or suffer from a “don’t touch it” mindset.

Given there are probably still firms using ISO 7775 internally (replaced by ISO 15022 in 1998) and financial firms are notoriously adverse to change (particularly in IT), the adoption of ISO 20022 is going to take a while. Many of my clients in the finance industry are still running IE6, an application that is considered by many to be one of the most insecure applications around.  Even Microsoft would like to see the back of it. Although there’s at least 2260 people that disagree.

BizTalk via the SWIFT Accelerator already supports SWIFT MT messages and with SWIFT adopting the ISO 20022 standard with MX, based on XML. BizTalk will be well placed to pickup the slack. BizTalk will enable organizations to offer support for the new standards externally whilst reducing the risks and costs associated with a complete migration. Inversely organizations quick to adopt the new standards will be able to offer backwards compatibility to their customers and partners by leveraging BizTalk Server.

Reader Comments (1)

Interesting, first time i know about ISO 20022. ISO 9001, ISO 14001 certification is also helpful in documentation or improve quqlity.

November 1, 2011 | Unregistered Commentersarita

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