The ISO format that a subset of SWIFT messages adheres to is ISO 15022.
Understanding SWIFT and ISO 15022
SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages facilitate communication between financial institutions globally. While SWIFT developed its own message types, a portion of these types were subsequently standardized under ISO 15022. This ISO standard is particularly relevant to SWIFT messages exchanged between custodians.
Key Aspects of ISO 15022 in Relation to SWIFT:
- Standardization: ISO 15022 provides a standardized framework for financial messages, ensuring interoperability and consistency across different institutions.
- Custodial Operations: SWIFT messages related to custodial services often follow the ISO 15022 standard.
- Message Types: ISO 15022 defines specific message types and structures, which are crucial for the accurate and efficient exchange of information.
In summary, while SWIFT has its own message types, the ISO format relevant to some of these messages, particularly those used in custodial operations, is ISO 15022.
