Standards Development

Scope

This part of ISO 20022 was prepared to complement ISO 20022-1. The conceptual interoperability and reverse engineering guidelines explain how to extract relevant information from existing IndustryMessageSet, proprietary MessageSet or business model in order to prepare the submission to the ISO 20022 Registration Authority of equivalent, ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets.

The ISO 20022 Repository will contain all ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets, as outlined in ISO 20022-1. The approach to be followed for adding ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets to the Repository can be classified according to the following scenarios.

a) Case 1:

— No ISO 20022 conformant BusinessTransactions and MessageSets exist.

— No IndustryMessageSet exists.

EXAMPLE 1 Collective Investment Vehicles.

— Approach: full development of ISO 20022 conformant BusinessTransactions and MessageSets using ISO 20022-3.

b) Case 2:

— No ISO 20022 conformant BusinessTransactions and MessageSets exist.

— One or more IndustryMessageSets, proprietary MessageSets or business models exist.

EXAMPLE 2 Securities Pre-Trade (FIX IndustryMessageSet exists).

— Approach option 1 (reverse engineering): conversion of the IndustryMessageSet(s) or proprietary MessageSet(s) into ISO 20022 conformant BusinessTransactions and MessageSets, using ISO 20022-5.

— Approach option 2 (enhance interoperability at the conceptual level): modelling of the IndustryMessageSet(s) into ISO 20022 conformant BusinessComponents (including BusinessElements and Constraints), using ISO 20022-5.

c) Case 3:

— ISO 20022 conformant BusinessTransactions and MessageSets exist.

— One or more existing IndustryMessageSets, proprietary MessageSets or business models exist as well.

EXAMPLE 3 Securities Post-Trade (FIX and Omgeo IndustryMessageSets exist).

— Approach option 1 (reverse engineering): comparison of the existing IndustryMessageSet(s) with the ISO 20022 conformant BusinessTransactions and MessageSets and extension of the ISO 20022 conformant BusinessTransactions and MessageSets, using ISO 20022-5.

— Approach option 2 (enhance interoperability at the conceptual level): comparison of the existing IndustryMessageSet(s) with the ISO 20022 conformant BusinessTransactions and MessageSets, and enhancement or extension of the ISO 20022 conformant BusinessComponents (including BusinessElements and Constraints), using ISO 20022-5.

This part of ISO 20022 describes the activities of ISO 20022 conceptual interoperability and reverse engineering from the point of view of the user who wants to verify that the business functionality, covered by their own IndustryMessageSet, proprietary MessageSets or business model, is covered by ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets. The intention of this part of ISO 20022 is not to attempt to define a “methodology” for reverse engineering.

It describes the following set of activities.

1) Extract relevant information from existing IndustryMessageSets, proprietary MessageSets or business model and compare it to the related information in the ISO 20022 Repository.

2) Use the results of this comparison for the development of ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets as necessary.

3) Submit the resulting update requests to the Registration Authority.

4) Prepare the migration to the ISO 20022 conformant BusinessTransactions and MessageSets for community of users who desires a migration.The main objectives of this part of ISO 20022 are to:

— capture the industry knowledge covered by existing IndustryMessageSets and business models;

— build upon former standardization efforts in the industry when building ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets;

— ensure that the resulting ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets cover fully the business scope of existing IndustryMessageSets;

— facilitate interoperability between existing IndustryMessageSets or proprietary MessageSets or business models and ISO 20022 conformant BusinessTransactions, BusinessComponents (including BusinessElements and Constraints) and MessageSets when applicable;

— support the migration from existing IndustryMessageSets to ISO 20022 conformant BusinessTransactions and MessageSets if needed by users of IndustryMessageSets.

NOTE Whilst API Resources are not explicitly stipulated in this part, the same thought process for conceptual interoperability and reverse engineering is expected to apply for API Resources, once they become available for Registration.