ISO 20022 Working Group Information


ISO 20022 has been touted as the key international messaging standard across the financial services industry. Growing pressure from regulators, coupled with the need for clarity so that Securities participants can plan for their future, triggered ISSA to form an ISO 20022 Working Group. The remit of the ISO 20022 WG was to gain insight into the willingness of the actors within the Securities sector to adopt the standard, as well as identify any possible opportunities for or barriers to adoption.


The Working Group has provided a contextual document on ISO 20022 and surveyed the market to gauge opinion. Although there is a clear level of support and opportunities for adoption of the ISO 20022 standard, there is also a need to focus on resolving some of the barriers that exist to both encourage a path towards greater adoption and gain wide industry support.

The two current active topics are:

Education and Benefits

  • Improve and promote the available educational materials to facilitate the adoption of ISO 20022
  • Sponsor an annual survey to measure ISO 20022 adoption rates and provide feedback to the industry

APIs and Interoperability

  • Publish paper with ISSA position on need and business benefits to avoid APIs fragmentation by using standards and/or IS0 20022
  • Identify flows where API could add value (in the Corporate Actions area to start) and actively review where firms are focusing today and feel the highest benefits will be derived from

Key Deliverables

Education and Benefits

  • Review and Re-issue ISO 20022 Survey in Jan 2023
  • Collation and curation of ISO 20022 material from members and non-members with a website linking to existing material
  • Publish Business Benefits document and help promulgate good business cases for moving from ISO 15022
  • Publish opinion on the value of co-existence

APIs and Interoperability

  • API – Focused API Usage Survey to be created, distributed and analysed
  • API – use that feedback to drive the development of the use case


  • ISO 20023 Survey 2023 Report-June-2023 > PDF 675 KB
  • ISO 20022 Survey – Background and Context document > PDF 404 KB
  • ISO 20022 – Interoperability and APIs > PDF 359 KB
  • ISO 20022 – The Benefits of a Common Data Model (05/2022) > PDF 298 KB
  • Sibos Podcast (05/2021): Discussion on why ISSA wrote the ISO 20022 report, the contents of it and the next steps
  • ISO 20022 Report (04/2021) > PDF 340 KB
  • Background Reading and Context Document to explain ISO 20022 and changes from 2018 (06/2020) > PDF 420 KB

Working Group Co-Chairs

Juliette Kennel, SWIFT
Giles Elliott, TATA Consultancy Services Limited

Executive Sponsor

Vicky Kyproglou, UBS

Institutions Represented by Experts in the Working Group

  • Citi
  • Deutsche Bank AG
  • Euroclear
  • Intesa Sanpaolo S.p.A.
  • ISSA
  • Nasdaq Inc.
  • Northern Trust Corporation
  • Proxymity
  • S&P Global / IHS Markit
  • Tata Group
  • The Depository Trust & Clearing Corporation
  • U.S. Bank, N.A.
  • VP Bank
  • WTax