First of all, what is ISO 20022? ISO 20022 is an ISO standard for electronic data interchange among financial institutions. It describes a metadata repository containing descriptions of messages and business processes and a maintenance process for the repository content. The standard covers financial information transferred among financial institutions including payment transactions, trading information, settlement of securities, credit, and debit card transactions, and other financial information.
In short, the objective of the standard is to "Enable interoperable communications between financial institutions, their market infrastructures, and their end-user communities."
