ISO 20022 can be considered to be a universal financial industry message framework and is the platform proposed by ISO for developing all financial messages. The information in this article is applicable to business analysts, solution architects, and subject matter experts working in the payment processing industry. This article provides an overview of ISO 20022 message formats and demonstrates how they can be implemented in solutions using data mapping techniques and tooling. However, one challenge to the proposal of using ISO 20022 standards for inbound and outbound messages is when existing data models or messaging formats already in place do not easily conform to the standards and structures imposed by the ISO messages. ISO 20022 is the platform proposed by the International Organization for Standardization (ISO) to develop all financial messages. It shows the flow of the messages between banks visually so that its easier to understand and remember.International standards are used to make industries more efficient and effective by providing specifications for products and services to ensure that they are safe, reliable, and of good quality. This includes examples of SWIFT messages and explanations of important fields. This tutorial is meant for anyone new in the payments domain or anyone who want to know the basics of the latest developments in SWIFT before going to deeper understanding. It then gradually explains the important MT messages, the use of SWIFT GPI and finally gives an overview of the latest development in SWIFT – ISO 20022 MX messages. It begins from the basics of SWIFT and also gives an overview of the payment system as without a basic understanding of how the payment system works, understanding payment messaging is incomplete. This course is meant to give an overview of SWIFT Message types. SWIFT Message Types – MT and MX ISO 20022 – An Overview
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