Standards & Market Practices

Financial standards are the taxonomy of the language financial institutions speak when communicating with one another. It is critical that these standards are clearly defined and understood by those who wish to operate in a predictable, secure and efficient manner.

A great deal of effort and coordination occurs globally to ensure collaboration and consultation in defining financial standards. At the cross-roads of the global financial community, SWIFT SCRL is entrusted with managing its standards and best practices. Under the umbrella of the International Organization for Standardization (ISO) and its Technical Committee 68 (TC68) for financial services, SWIFT SCRL is the registration authority for ISO 15022 (www.iso15022.org), or more commonly known as Message Type (MT) formats, and the next generation of ISO 20022 (www.iso20022.org) formats. As the registration authority, SWIFT SCRL facilitates the coordinated development of these message formats and with its expertise, tools and services promotes their adoption.

SWIFT India, while delivering financial messaging services to the domestic Indian financial community, also champions the development of domestic market practices based on international standards, and facilitates their definition and implementation through its Solution Working Groups.

Participation in Solution Working Groups and information on local market practices can be obtained by contacting us.