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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.
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).
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] This was later supplemented by a XML based version under ISO 20022.
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.
IPF is similar to the Single Euro Payments Area (SEPA) in that both initiatives aim to facilitate international payments, base their standards on ISO 20022, and involve mostly banks as their main participants. [7]
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).
Many banks in the US let customers use personal financial management software to automatically download their bank statements in OFX format, but most Canadian, [7] [8] [9] United Kingdom and Australian banks do not allow this, however, many banks do support downloading financial data in OFX, QFX, QIF, or spreadsheet format via their web interface for later import into financial software.