ISO 20022: Survival Guide

1 | Treasury and Trade Solutions SWIFT Standards SWIFT message types are the format used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT known as the MT message standard. • The MT standard was used for international payments, cash management, trade finance and treasury business. • SWIFT Standards, under contract to ISO, also maintains two open messaging standards: • ISO 15022: Used for securities settlement and asset servicing • ISO 20022: Which we will be discussing in this guide and is currently scoped to all financial industry processes. History of SWIFT Expansion • The connection of the first central banks in 1983 . • In 1987 SWIFT entered the securities market. Founding of SWIFT • In 1973 , 239 banks from 15 countries got together to solve a common problem: how to communicate about cross-border payments. Driving Technol • In 1992 SWIFT’s Inter went live 1970s 1990 1980s