Glossary
Key terms used in ISO 20022, SWIFT, and CBPR+ messaging.
ISO 20022 Terms
Business Application Header (BAH)
The header element in ISO 20022 messages containing routing and processing information. Includes sender/receiver BICs, message definition identifier, and creation timestamp.
Document
The root element of an ISO 20022 message containing the business payload. Each message type has a specific document structure defined by its XML schema.
Message Definition Identifier
A unique identifier for an ISO 20022 message type, following the pattern area.type.variant.version (e.g., pacs.008.001.12).
Message Type
A standardized ISO 20022 message format. Common types include:
- pacs - Payments Clearing and Settlement
- camt - Cash Management
- pain - Payment Initiation
Schema
The XML Schema Definition (XSD) that defines the structure and validation rules for an ISO 20022 message.
Supplementary Data
Optional extension elements in ISO 20022 messages for carrying additional information not covered by the standard schema.
SWIFT Terms
Application Header
The second block of a SWIFT MT message containing message type, sender/receiver information, and processing details.
Basic Header
The first block of a SWIFT MT message identifying the application, service, and session information.
BIC (Bank Identifier Code)
An 8 or 11 character code that uniquely identifies a financial institution. Also known as SWIFT code.
Field Tag
A two or three character identifier for a data field in SWIFT MT messages (e.g., Tag 20, Tag 32A, Tag 50K).
FIN (Financial Information Network)
SWIFT’s messaging service for financial transaction messages using the MT format.
MT Message
SWIFT Message Type - the legacy text-based format for financial messages (e.g., MT103, MT202).
MX Message
SWIFT’s XML-based message format aligned with ISO 20022 standards.
Trailer Block
The fifth block of a SWIFT MT message containing message authentication and checksum information.
User Header
The third block of a SWIFT MT message containing optional banking priority and delivery information.
CBPR+ Terms
CBPR+ (Cross-Border Payments and Reporting Plus)
SWIFT’s guidelines for implementing ISO 20022 messages in cross-border payments, ensuring interoperability between financial institutions.
Coexistence Period
The transition period (2023-2025) during which both MT and MX message formats are supported for cross-border payments.
Market Practice
Agreed conventions for using ISO 20022 messages in specific contexts, ensuring consistent implementation across institutions.
SR2025 (Standards Release 2025)
SWIFT’s annual standards release for 2025, marking the end of the coexistence period and full transition to ISO 20022.
Translation Rules
The mapping specifications that define how MT message fields correspond to ISO 20022 elements and vice versa.
Usage Guidelines
CBPR+ documentation specifying how ISO 20022 messages should be structured and populated for cross-border payments.
Payment Terms
Charge Bearer
Indicates which party pays the transaction charges:
- SHA (Shared) - Charges shared between parties
- OUR - Sender pays all charges
- BEN - Beneficiary pays all charges
Clearing System
The infrastructure for settling payments between financial institutions (e.g., CHIPS, Fedwire, TARGET2).
Credit Transfer
A payment instruction to move funds from debtor to creditor account.
Debtor
The party whose account is debited in a payment transaction (payer/sender).
Creditor
The party whose account is credited in a payment transaction (payee/beneficiary).
Instructing Agent
The financial institution instructing the next party in the payment chain.
Instructed Agent
The financial institution receiving the payment instruction.
Interbank Settlement Amount
The amount being transferred between financial institutions, excluding charges.
Interbank Settlement Date
The date on which the settlement between banks occurs.
Service Level
Indicates the type of processing for a payment:
- G001 - SWIFT gpi (tracked payments)
- G002 - SWIFT gpi for cover payments
- G003 - SWIFT gpi for financial institution transfers
- G004 - SWIFT gpi for direct debits
Settlement Method
How the payment is settled between banks:
- INDA - Instructed Agent account
- INGA - Instructing Agent account
- COVE - Cover method
- CLRG - Clearing system
UETR (Unique End-to-End Transaction Reference)
A UUID that uniquely identifies a payment throughout its lifecycle, used for gpi tracking.
Technical Terms
Dataflow
Reframe’s workflow orchestration engine that manages transformation pipelines.
Datalogic
Reframe’s JSONLogic implementation for evaluating business rules during transformation.
Datafake
Reframe’s test data generation library for creating sample messages.
Hot Reload
The ability to update transformation rules at runtime without restarting the service.
JSONLogic
A standard for expressing business logic as JSON, enabling portable and auditable rules.
Package
A collection of workflows and rules that define transformations for a specific message standard (e.g., CBPR+).
Pipeline
The sequence of processing stages a message passes through during transformation.
Workflow
A named set of tasks that execute in priority order during message processing.
Identifiers
IBAN (International Bank Account Number)
A standardized international account number format for identifying bank accounts.
LEI (Legal Entity Identifier)
A 20-character alphanumeric code that uniquely identifies legal entities in financial transactions.
MCC (Merchant Category Code)
A four-digit code classifying the type of business or merchant.
National ID
A country-specific identifier for organizations or individuals.
Message Categories
Customer Payments (MT1xx / pacs.008)
Messages for customer credit transfers initiated by corporate customers.
Financial Institution Transfers (MT2xx / pacs.009)
Messages for bank-to-bank transfers not involving customer accounts.
Cash Management (MT9xx / camt.xxx)
Messages for account statements, balance reports, and cash position management.
Securities (MT5xx)
Messages for securities trading, settlement, and custody operations.