Modularity is a design feature of ISO 20022, but it can be complex to manage
As the common process and language for payments were defined, a core promise of ISO 20022 was a new focus on payment processing rather than the underlying technology. Today, ISO 20022 is the backbone of most transactions, yet the modular design of the standard brought along new challenges.
While the ISO standard and CGI-MP lay out a baseline, country- and bank-specific rules add complexity, even though standardized, to any implementation process.
Rules applied vary from ISO 20022 definitions to markets’ or banks’ highly specific rules and managing numerous variants in a production environment is often a non-trivial task.
Standards-based XML management: handling of rule definitions made simple
In the core of our approach stands myXML, a powerful, cloud-based XML management service.
In order to minimize the effort and challenges of ISO 20022 XML management, myXML provides ready-to-use definition libraries, for ISO 20022 and CGI-MP as well as for regional or national variants of the standard. These can serve as templates for the development of custom rule sets and are easy to be cloned or modified.
Centralized XML management provides the easy creation and maintenance of rule definitions, automatic versioning, and generators for large batches of ISO-conform test files.
The service integrates with customers’ internal systems as well as with the Validator and Simulator services, enabling users to validate XML messages and use simulated response messages.