Add ISO 20022 Support

This page is a capture in the next bucket of the product backlog — a pre-sprint idea, not yet pulled into a sprint as a story.

As per Gemini:

Summary Mapping for your C++ Logic

Internal Event ISO 20022 Message Action

TradeExecuted fxtr.014 Confirm terms with counterparty.

Send Funds pacs.009 Instruct the bank to move cash.

Check Progress pacs.002 Update UI "Settlement Status" to 'In Progress'.

Funds Confirmed camt.054 Update UI to 'Settled'.

EOD Reconcile camt.053 Verify internal ledger vs bank balance.

Pro-Tip for your Implementation: Since you're using C++, don't try to build every message at once:

Start with pacs.009 (Sending money).

Follow with pacs.002 (Handling the response).

Add camt.053 (Reconciling at night).

ISO 20022 Asset Class Mapping

If you move beyond FX, you switch "prefixes." Here is how the ISO 20022 world is carved up:

Message Prefix Asset Class / Domain Example Use Case

fxtr Foreign Exchange "Spot, Forwards, NDFs, FX Swaps."

sese Securities Settlement "Settlement of Equities, Bonds, ETNs."

semt Securities Management "Custody statements, holding reports."

setr Securities Trade Trade capture/subscription for Mutual Funds.

auth Regulatory Reporting "OTC Derivatives (IRS, CDS), Transaction reporting."

pacs Payments The cash resulting from any of the above.

FPML vs ISO 20022

For Swaps and other Derivatives, the messaging is split between Trade Reporting and Lifecycle/Confirmation.

auth (Authorities): In the modern MX world, Interest Rate Swaps are largely reported using the auth series (specifically under EMIR or MiFIR regulations).

auth.030: Derived from the "Trade Reporting" business area, used for Reporting of OTC derivatives.

FpML (The "De Facto" standard): As we discussed earlier, while ISO 20022 has auth messages for regulation, FpML remains the industry standard for the actual bilateral confirmation of IRS trades. Most modern systems use FpML for the "contract" and then use pacs for the resulting cash flows.

Feature FpML (Financial products Markup Language) ISO 20022 (MX)

Primary Domain "Derivatives & OTC Trades (Swaps, Options, Forwards)." Payments & Securities Settlement.

Focus "The economics of the trade (strike price, tenors, floating rate indexes)." "The movement of value (sender, receiver, amount, intermediary banks)."

Lifecycle Stage "Front-to-Middle Office: Execution, Affirmation, and Confirmation." "Back Office: Payment clearing, settlement, and reporting."

Complexity Extremely deep. Can describe a 30-year complex interest rate swap. Broad. Designed to move money across any border or system.

Internal Event	ISO 20022 Message	Action
TradeExecuted	fxtr.014	Confirm terms with counterparty.
Send Funds	pacs.009	Instruct the bank to move cash.
Check Progress	pacs.002	Update UI "Settlement Status" to 'In Progress'.
Funds Confirmed	camt.054	Update UI to 'Settled'.
EOD Reconcile	camt.053	Verify internal ledger vs bank balance.

Message Prefix	Asset Class / Domain	Example Use Case
fxtr	Foreign Exchange	"Spot, Forwards, NDFs, FX Swaps."
sese	Securities Settlement	"Settlement of Equities, Bonds, ETNs."
semt	Securities Management	"Custody statements, holding reports."
setr	Securities Trade	Trade capture/subscription for Mutual Funds.
auth	Regulatory Reporting	"OTC Derivatives (IRS, CDS), Transaction reporting."
pacs	Payments	The cash resulting from any of the above.

Feature	FpML (Financial products Markup Language)	ISO 20022 (MX)
Primary Domain	"Derivatives & OTC Trades (Swaps, Options, Forwards)."	Payments & Securities Settlement.
Focus	"The economics of the trade (strike price, tenors, floating rate indexes)."	"The movement of value (sender, receiver, amount, intermediary banks)."
Lifecycle Stage	"Front-to-Middle Office: Execution, Affirmation, and Confirmation."	"Back Office: Payment clearing, settlement, and reporting."
Complexity	Extremely deep. Can describe a 30-year complex interest rate swap.	Broad. Designed to move money across any border or system.