| Status | : | Completed |
| Type | : | GUI application in Python |
| Contributor(s) | : | Hanzholah Shobri Github, LinkedIn, Twitter |
| Repository | : | https://github.com/hanzholahs/ISO-20022-Message-Processing-Animation |
Background
The ISO 20022 message format is the standard for electronic data exchange of financial transactions enabling wider interoperability through common understanding and interpretation. The standard applies internationally, succeeding the previous standard, ISO 15022. The message standard covers a wide range of business activities, one of which is the large-value transactions performed by two financial institutions, such as customer credit transfer for a given wholesale transaction. This type of transfer typically settled through an RTGS (real-time gross settlement) system. Harmonisation of the adoption of the standard is one of the main focuses for stakeholders to support end-to-end straight through processing between infrastructures in the financial ecosystem, including those in different jurisdictions (cross-border).
The project aims to develop a GUI application that can illustrate the use of ISO 20022 message format in a customer credit transfer. Through the animation of message being sent from one financial institution (representing a commercial bank) to an RTGS system to receiving party (another financial institution). The balance of the sender is credited while debiting the same amount to the receiving party. In addition, the program could generate, edit, and validate ISO 20022 message. The validation is based on the schema published in the official website.
Objectives
Developed a program that:
is capable to parse and write XML data
implements ISO 20022 message validation using XML schema
can edit the content of financial message
illustrates how financial messages are exchanges via an RTGS system
Technology
The program was written in Python and heavily relied on several libraries: XML and tkinter.