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The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, infrastructures and technical standards (Rulebooks for credit transfer/direct debit, BIC, IBAN, ISO 20022 XML message format, EMV chip cards/terminals).
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes , and a maintenance process for the repository content.
SWIFT message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and a subset was retrospectively made into an ISO standard, ISO 15022. In many instances, SWIFT message types between custodians follow the ISO standard. [1]
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.As of 2020, there were 36 members in SEPA, [2] consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom.
Routing data elements are encoded in XML and secured through signing and encryption using X.509 PKI certificates, which replaced the older RSA keys. Signing and encryption were optional until version 3.0, after which they became mandatory. The EBICS transmission protocol can be used to wrap SEPA-XML statements as they come forward.
The MT formats (Message Types, MT) currently used in the SWIFT community, which also include MT940, are to be replaced in the long term by the XML formats described in the ISO 20022 standard to achieve global unification (see also de:Camt-Format).
XML/EDIFACT is used in B2B scenarios as listed below: Newer EAI or B2B systems often cannot handle EDI (Electronic Data Interchange) syntax directly. Simple syntax converters do a 1:1 conversion before. Their input is an EDIFACT transaction file, their output an XML/EDIFACT instance file. XML/EDIFACT keeps XML B2B transactions relatively small.
For example, 3.14 will be serialized to 3.140 000 000 000 000 124 344 978 758 017 532 527 446 746 826 171 875. ^ XML data bindings and SOAP serialization tools provide type-safe XML serialization of programming data structures into XML. Shown are XML values that can be placed in XML elements and attributes.