https://doi.org/10.25198/2077-7175-2020-1-51
STANDARDIZATION OF FINANCIAL OPERATIONS: ISO 20022 AND OPERATIONAL ASPECTS OF ITS PRACTICAL IMPLEMENTATION
D. A. Chepakov
Saint Petersburg State University of Economics, Saint-Petersburg, Russia
e-mail: dmitry_chepakov@yahoo.fi
Abstract. The standardization of electronic messages in financial transactions is currently one of the fundamental principles for ensuring the efficient and stable functioning of the financial market infrastructures within the conditions of a constantly changing risk environment. Despite the fact that in the short term the development and implementation by different national regulators on the financial markets of their own standards of electronic messages may allow to ensure functioning of their own economic systems, this factor in the long term may cause multiple disrupts. The main aim of this work is to conduct a comprehensive analysis of ISO 20022 in modern conditions by studying individual operational aspects of its implementation in terms of the functioning of payment and settlement mechanisms. The actual paper substantiates the necessity of introducing a unified standard of electronic messages in financial transactions, two fundamental barriers — syntactic and semantic — that are formed in the process of transferring information resources between systems using different message standards are considered. The general characteristic of the ISO 20022 standard is presented, an example of a UML-model of business processes that form the basis of the ISO 2022 logic is considered, and a comparative characteristic of different financial message standards is also given. In accordance with the presented results of the analysis, the main problems associated with the implementation of ISO 20022 are identified and a list of approaches that the Bank of Russia can apply when implementing ISO 20022 in domestic realities is presented. Methods of deduction, functional-structural, logistic and expert analysis were used, which allowed to present a comprehensive analysis of the functioning of ISO 20022 in modern conditions of functioning of financial markets. The results obtained in this work can be used by the Bank of Russia and foreign regulators in organizing activities to study the operational aspects of the functioning of the ISO 20022 standard and its effective implementation in the context of their own national economic systems.
Keywords: standardization, ISO 20022, electronic message, financial operation, regulation, national payment system.
Cite as: Chepakov, D.A. (2020) [Standardization of financial operations: ISO 20022 and operational aspects of its practical implementation]. Intellekt. Innovatsii. Investitsii [Intellect. Innovations. Investments]. Vol.1, pp. 51–58. DOI: 10.25198/2077-7175-2020-1-51.
