ISO 15022

ISO 15022 is an international standard that defines a common messaging format for the exchange of information related to securities transactions and other financial instruments. It provides a standardized syntax and semantic framework for financial messages, enabling interoperability between different financial institutions and systems worldwide. The standard aims to reduce errors, improve efficiency, and streamline the processing of financial transactions.

The scope of ISO 15022 encompasses various types of financial messages, including those related to securities trading, settlement, custody, and corporate actions. It specifies the structure, elements, and content of these messages, ensuring consistency and clarity in communication. The standard is maintained and updated by the International Organization for Standardization (ISO).

ISO 15022 is based on the use of tagged data fields, where each data element is identified by a unique tag. This allows for flexibility and extensibility, as new data elements can be added without disrupting existing systems. The standard also defines a set of common data types and formats, further promoting interoperability.

Although ISO 15022 has been widely adopted, it is gradually being replaced by the newer ISO 20022 standard, which offers greater flexibility, richer data content, and a more object-oriented approach to messaging. However, ISO 15022 remains relevant in many legacy systems and continues to be used in specific contexts. The transition from ISO 15022 to ISO 20022 is a significant undertaking for the financial industry.