We use cookies and other similar technologies (Cookies) to enhance your experience and to provide you with relevant content and ads. By using our website, you are agreeing to the use of Cookies. You can change your settings at any time. Cookie Policy.

Until now, the lingua franca of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network has been the ISO 7775 messaging standard. More recently, however, SWIFT is moving to adopt ISO 15022 and, in fact, will shortly be requiring all participants to support the standard. While switching to a new standard is always a chore, the transition to ISO 15022 will pay off in terms of faster, more flexible messaging.



When the International Organization for Standardization announced the introduction of ISO 15022 in 1997, the standard promised to improve the automated processing of messaging, or straight-through processing (STP), because of the greatly increased scope of the dictionary on which it is built. It would become simpler for translators, since the match between native language and lingua franca would be better.

A Better Attempt at a Universal Language

There are good reasons why ISO 15022 can claim to be better than legacy attempts at creating a universal message standard for securities messaging. The first one is the key concept of the data field dictionary (DFD). This introduces a layer of business element logic that ideally is independent of specific syntaxes and implementations. In linguistic terms: the dictionary is set. But how words are combined into sentences is another matter.

Key information such as “trade date,” “settlement amount” and “exchange rate” is referenced as metadata by a specific syntax to construct meaningful combinations such as “order to buy.” If another syntax (say FIX, the Financial Information eXchange) has a different grammar to construct the “order to buy,” it need not matter as long as both expressions reference the same metadata repository. The theory is that a translator will know both syntaxes, deconstruct the sentences into the metadata business elements and provide an unambiguous translation service without any “noise” or loss of meaning.

So ISO 15022 has better building blocks: more than 2,000 discrete business elements are currently described, and the list grows as this dictionary becomes a repository for all aspects of financial messaging. As SWIFT has become involved in initiatives such as the Global Straight Through Processing Association (GSTPA) and FIX, the relevant business elements have indeed been added.

What else does a superior language demand? Grammar? If we define grammar as the rules describing how well-formed sentences are constructed, it becomes clear that this is where the current ISO 15022 falls short of the mark. Rather than describing how business elements can be combined to convey meaning, ISO 15022 is more like a phrasebook: a limited list of sentences describing how to get by without knowing the workings of the local language, drawn up by someone else who decided what sentences you were most likely to use.

-1-

1  2  3  4  5  6  

   Next Page

Explore Our Topics

  • EDITOR'S BRIEFING
  • Virtual Conferences
  • Webinars
  • Roundtables

BPM in Action

March 10, 2011

The sixth annual BPM in Action 2011 Virtual Conference will explore cutting-edge market developments in BPM and describe how to leverage them for improved business operation and performance. More

View All Virtual Conferences

Smart Case Management: Why It's So Smart.

Date:Nov 05, 2009
Time:12:00 PM ET- (17:00 GMT)

REGISTER TODAY!

Date:Oct 29, 2009
Time:15:00 PM ET- (19:00 GMT)

REGISTER TODAY!
View All Roundtables
  • Research Library
  • Podcasts
  • News

Joe McKendrick: Part II of II: Designing Evolve-ability into SOA and IT Systems

In part two of Joe McKendrick's recent podcast with Miko Matsumura, chief strategist for Software AG, they talk about how SOA and IT systems need to change and grow and adapt with the organization around it.

Listen Now

Phil Wainewright: Helping Brands Engage with Social Media

Phil Wainewright interviews David Vap, VP of products at RightNow Technologies, and finds out how sharing best practices can help businesses understand how best to engage with online communities.

Listen Now

Peter Schooff: Making Every IT Dollar Result in a Desired Business Outcome: Scott Hebner of IBM Rati

Scott Hebner, Vice President of Marketing and Strategy for IBM Rational, discusses a topic on the top of every company's mind today: getting the most from IT investments.

Listen Now

Jessica Ann Mola: Where Will BI Fit In? Lyndsay Wise Explains

In BI, this tough economy and the increasing role of Web 2.0 and MDM are certainly topics on people's minds today. WiseAnalytics' Lyndsay Wise addresses each of them in this informative podcast.

Listen Now

Dennis Byron: Talking with...Deepak Singh of BPM Provider Adeptia

Deepak Singh, President and CTO of Adeptia, joins ebizQ's Dennis Byron in a podcast that gets its hand around the trend of industry-specific BPM.

Listen Now
More Podcasts
  • Most Popular
  • Quick Guide
  • Most Discussed

Quick Guide: What is BPM?

Learn More

Quick Guide: What is Event Processing?

Smart event processing can help your company run smarter and faster. This comprehensive guide helps you research the basics of complex event processing (CEP) and learn how to get started on the right foot with your CEP project using EDA, RFID, SOA, SCADA and other relevant technologies. Learn More

Quick Guide: What is Enterprise 2.0?

A lot of people are talking about Enterprise 2.0 as being the business application of Web 2.0 technology. However, there's still some debate on exactly what this technology entails, how it applies to today's business models, and which components bring true value. Some use the term Enterprise 2.0 exclusively to describe the use of social networking technologies in the enterprise, while others use it to describe a web economy platform, or the technological framework behind such a platform. Still others say that Enterprise 2.0 is all of these things. Learn More