ISO 20022 is a multi-part International Standard proposed by an ISO Technical Committee. This framework allows communities of users and message development organizations to define message sets according to an internationally agreed approach using business semantics and migrate to the use of a common XML or ASN.1-based syntax.
The SWIFT community of financial institutions aims to move cross-border and correspondent banking from SWIFT MTs to ISO 20022 by November 2025, using usage guidelines provided by the CBPR+ group of experts. See https://docs.pega.com/pega-smart-investigate-payments-iso-20022-and-cbpr-tech-note-1 for further details.
ISO 20022 and SWIFT CBPR+ in Smart Investigate
You can create a new layer for ISO 20022 standards in the application. This ISO 20022 application contains message infrastructures to support ISO 20022 based MX messages and the corresponding SWIFT CBPR+ messages. The application contains two specialized rulesets: PegaSICBPRPlus and PegaSIISO 20022.
The rules in the rulesets facilitate the processing of outbound and inbound messages based on standards published by ISO and SWIFT. The below layer cake explains the position of the new ISO 20022 application and expected configuration for customer implementations.
Adding the ISO 20022 layer
To leverage ISO 20022 messaging standards, follow the below steps:
- Update your application to be built on ISO 20022 as shown below.
- Create the data model and update the extension points.