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ISO 20022-5 1st Edition, May 1, 2013 Financial services - Universal financial industry message scheme - Part 5: Reverse engineering
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Availability date: 07/13/2021
Description / Abstract:
This part of ISO 20022 was prepared to complement ISO 20022-1.
The reverse engineering guidelines explain how to extract relevant
information from existing IndustryMessageSets in order to prepare
the submission to the ISO 20022 Registration Authority of
equivalent, ISO 20022 compliant BusinessTransactions and
MessageSets.
The ISO 20022 Repository will contain all ISO 20022 compliant
BusinessTransactions and MessageSets, as outlined in ISO 20022-1.
The approach to be followed for adding ISO 20022 compliant
BusinessTransactions and MessageSets to the Repository can be
classified according to the following scenarios.
a) Case 1:
-No ISO 20022 compliant BusinessTransactions and
MessageSets exist.
-No IndustryMessageSet exists.
EXAMPLE Collective Investment Vehicles.
-Approach: full development of ISO 20022 compliant
BusinessTransactions and MessageSets using ISO 20022-3.
b) Case 2:
-No ISO 20022 compliant BusinessTransactions and
MessageSets exist.
-One or more IndustryMessagesets exist.
EXAMPLE Securities Pre-Trade (FIX MessageSet exists).
-Approach: conversion of the IndustryMessageSet(s) into
ISO 20022 compliant BusinessTransactions and MessageSets, using ISO
20022-5.
c) Case 3:
-ISO 20022 compliant BusinessTransactions and MessageSets
exist.
-One or more existing IndustryMessageSets exist as
well.
EXAMPLE Securities Post-Trade (FIX, Omgeo MessageSets
exist).
-Approach: comparison of the existing
IndustryMessageSet(s) with the ISO 20022 compliant
BusinessTransactions and MessageSets and extension of the ISO 20022
compliant BusinessTransactions and MessageSets as necessary, using
ISO 20022-5.
This part of ISO 20022 describes the activities of ISO 20022
reverse engineering from the point of view of the user who wants to
verify that the business functionality, covered by his own
IndustryMessageSet, is covered by ISO 20022 compliant
BusinessTransactions and MessageSets. The intention of this part of
ISO 20022 is not to attempt to define a "methodology" for reverse
engineering.
It describes the following set of required activities.
1) Extract relevant information from existing
IndustryMessageSets and compare it to the related information in
the ISO 20022 Repository.
2) Use the results of this comparison for the development of ISO
20022 compliant BusinessTransactions and MessageSets.
3) Submit the resulting update requests to the Registration
Authority.
NOTE It is not the intention of reverse engineering to
systematically create ISO 20022 compliant versions of all existing
IndustryMessageSets. Update requests are always based on a valid
business justification.
4) Prepare the migration to the ISO 20022 compliant
BusinessTransactions and MessageSets.
The main objectives of this part of ISO 20022 are to:
-capture the industry knowledge covered by existing
IndustryMessageSets;
-build upon former standardization efforts in the industry
when building ISO 20022 compliant BusinessTransactions and
MessageSets;
-ensure that the resulting ISO 20022 compliant
BusinessTransactions and MessageSets cover fully the business scope
of existing IndustryMessageSets;
-maximize interoperability between existing
IndustryMessageSets and ISO 20022 compliant BusinessTransactions
and MessageSets;
-support the migration from existing IndustryMessageSets
to ISO 20022 compliant BusinessTransactions and MessageSets.