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 produced a context document on ISO 20022 and has conducted a survey of the market to gauge opinion. While there is a clear level of support and opportunity for adoption of the ISO 20022 standard, there is also a need to focus on addressing some of the barriers that exist, both to facilitate a path towards greater adoption and to gain broad industry support.

The two current active topics are:

Education and Benefits

  • Improve and promote existing educational materials to help implement ISO 20022
  • Work with the ECB’s AMI-Seco Taskforce on the implementation of ISO 20022 in the context of T2S

APIs and Interoperabilit

Considerations and Best Practice approach for Securities Migration to ISO 20022

  • Publish paper with ISSA position Considerations and best practice approach for securities migration to ISO 20022

Key Deliverables

Education and Benefits

  • Maintaining the ” Non-ISSA papers ” resource centre on ISO 20022
  • Considerations and a best practice approach for the migration of securities markets to ISO 20022
  • Create a paper for use in any market considering migration to ISO 20022.


  • 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

  • Bloomberg LP
  • Citi
  • Deutsche Bank AG
  • Euroclear
  • Intesa Sanpaolo S.p.A.
  • 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