---
title: "What is ISO 20022? | IslamicOpenFinance™"
description: "The international standard for financial messages, with a shared data dictionary and business process catalogue."
url: https://islamicopenfinance.com/glossary/iso-20022/
lang: en-GB
source: "IslamicOpenFinance"
---

[Glossary](https://islamicopenfinance.com/glossary/) / [Open finance and APIs](https://islamicopenfinance.com/glossary/#open-finance)

Open finance and APIs

# ISO 20022

The international standard for financial messages, with a shared data dictionary and business process catalogue.

This ISO standard is a multi-part international standard prepared by the ISO technical committee on financial services, describing a common platform for developing financial messages. Its repository holds a data dictionary and a business process catalogue, and its catalogues cover domains such as payments, securities, trade finance, cards and foreign exchange, with external code sets and supplementary data maintained through change requests. Islamic products travel over the same messages, so carrying contract types and Shariah evidence depends on how those code sets and extensions are used.

## Sources

- [ISO 20022, About ISO 20022 (archived snapshot)](https://web.archive.org/web/20260914134609/https://www.iso20022.org/)

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

## Related terms

[**Application programming interface (API)** A defined way for software systems to request data or actions from each other; the technical channel of open finance.](https://islamicopenfinance.com/glossary/api/) [**Service initiation** An open finance service in which a licensed provider initiates a transaction on a customer's account or product, with consent.](https://islamicopenfinance.com/glossary/service-initiation/) [**Settlement finality** The point at which a transfer becomes irrevocable and unconditional, so it cannot be unwound even if a participant fails.](https://islamicopenfinance.com/glossary/settlement-finality/) [**Delivery versus payment** A settlement mechanism that delivers securities only if payment is made, and makes payment only if delivery occurs.](https://islamicopenfinance.com/glossary/delivery-versus-payment/)

**Open finance and APIs**

1. [Open finance](https://islamicopenfinance.com/glossary/open-finance/)
2. [Application programming interface (API)](https://islamicopenfinance.com/glossary/api/)
3. [Consent (open finance)](https://islamicopenfinance.com/glossary/consent/)
4. [Data sharing (open finance)](https://islamicopenfinance.com/glossary/data-sharing/)
5. [Service initiation](https://islamicopenfinance.com/glossary/service-initiation/)
6. [Data holder](https://islamicopenfinance.com/glossary/data-holder/)
7. [Open finance provider](https://islamicopenfinance.com/glossary/open-finance-provider/)
8. [API hub](https://islamicopenfinance.com/glossary/api-hub/)

[All 221 terms](https://islamicopenfinance.com/glossary/)