Financial Services Industry:Document Standards Used
In addition to traditional EDI formats such as ANSI X12 and UNI/EDIFACT, other popular standards for treasury, cash management and securities are ISO 20022 XML, NACHA, BAI2, SAP IDOC, Microsoft Excel, SWIFT MT/FIN, FIX XML, FpML, and ISO 15022.
For international financial messaging and bank-to-bank communications, SWIFT is the dominant worldwide standard. SWIFT is a member-owned cooperative that includes more than 10,000 around the world including central banks like the Federal Reserve, regional payment systems, commercial banks, securities firms and more recently, corporations.
Standards are a core element of SWIFT’s services. SWIFT develops and defines messaging and standards for the financial services industry, enabling communication and collaboration between financial counterparties. SWIFT provides standards financial messaging including payments, trade services, securities and corporate actions. The most common SWIFT message standards are MT and MX.
