Skip to content
Login Free trial
Home » Blog » Understanding the structure of an ISO 20022 XML file

Understanding the structure of an ISO 20022 XML file

XML ISO 20022

Understanding the structure of an ISO 20022 XML file

The Iziago Payments module enables you to enter international payments for the whole world using the ISO 20022 XML standard. What exactly is an ISO 20022 XML file?

ISO 20022: an international standard

ISO 20022 is a standard used by banks for the exchange of banking data: payments and collections, account statements, account openings and closings, etc.
To find out more about the ISO 20022 standard, see our article on the subject.

ISO 20022 files follow a common and structured syntax based on the XML computer language.

What is XML in a few words?

XML, for eXtensible Markup Language, is a computer language used to structure and hierarchise a set of data using tags to facilitate the exchange of information on the Internet. Tagging enables the structure, visual appearance and meaning of all data contained in the file to be defined in order to provide true international harmonisation of payment processes. Its evolutionary aspect enables it to take into account all local specificities and new regulations in force. XML messages contain for example the following information:
  • Clarification of the tax treatment of a transaction
  • Enrichment of transaction descriptions
  • Information on intermediaries in the payment chain, etc.

What is the structure of an ISO 20022 XML file?

The ISO 20022 XML file consists of three segments:

  • The Group Header segment contains information about all the data contained in the message (message or remittance reference, date and time of creation, grouping type, number of transactions, sender identification…)
  • The Payment Information segment contains information on the debit side: requested execution date, originator name, originator account details, etc.
  • The Credit Transfer Transaction Information segment contains information on the credit side of the transaction: reference, amount, currency, beneficiary name, beneficiary account details, regulatory declaration, reason for payment, etc.

With this detailed information in a standardised message, users can immediately see which institutions are processing the transaction, who the payment was made to, etc.

Iziago software enables you to create national, SEPA and international ISO 20022 standard payment files compatible with banks worldwide.

Contact us