What is EN ISO 20025: 2014 ?

EN ISO 20022: 2014, also known as ISO 20022 or Universal Financial Industry message scheme, is an international standard for financial messaging. It was developed by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) with the primary aim of providing a common language and structure for exchanging financial information between different entities, such as banks, corporations, and payment systems.

EN ISO 20022: 2014 is designed to eliminate the need for multiple proprietary formats and reduce the costs associated with data translation and reconciliation. It provides a standardized format for financial messages, which enables seamless integration and interoperability across different systems and platforms.

The main purpose of EN ISO 20022: 2014 is to standardize and harmonize the format and content of financial messages. It enables organizations to process, analyze, and reconcile financial transactions efficiently, reducing errors, improving efficiency, and enhancing straight-through processing.

Some of the key features of EN ISO 20022: 2014 include:

* A standardized format for financial messages

* A common language for financial data exchange

* A reduced need for proprietary formats and data translations

* A standard for data exchange between different systems and platforms

* A reduction in errors, improve efficiency, and enhance straight-through processing

Overall, EN ISO 20022: 2014 is an essential standard for organizations that operate in the financial sector. It helps in reducing confusion, errors, and costs associated with financial messaging, enabling organizations to operate more efficiently and effectively.