ISO 20022: Survival Guide

3 | Treasury and Trade Solutions Industry Advancement Communication is key. Financial Institutions (FIs) need to be able to communicate in order to share information and data. This communication is reliant upon both the sender and receiver of a message having a common understanding of how to interpret the information and data they receive. This has become more and more important over the years as technology and speed come to the forefront of industry needs. Across the industry it has become more important to eliminate human intervention especially when interpreting the data. This allows for lower costs and faster speeds but can be tricky to achieve without rigorous standards. To overcome this the financial industry has created standards on how to organize the data they want to exchange in structured formats (syntax) and meaning (semantics). The Problem: How Do We Communicate Today? I speak EDIFACT I speak MT I speak XML I speak TWIST I speak FIX I speak BAI2