ISO 20022 : Understanding the data dictionary

 


ISO 20022 : Understanding the data dictionary

hi latta and welcome back to our series  where we're simplifying payments good  morning kitty how are you doing today  I'm great thank you how are you doing  really really good and in good form good  so um last time we were talking about  ISO 20022 and as we know it's a very time  sensitive and important topic right now  

And what i learned from last time when you explained it to me is that ISO is a  little bit like a DATA DICTIONARY so  could you explain what you mean by that exactly you really noted it correctly it  is like a DATA DICTIONARY which can be  classified into THREE COMPONENTS the  first component being the BUSSINESS COMPONENT wherein you will get the information  regarding the business components business association constraints but restricted to the business 

Second part would be the data type which is again classified into element component and element messages which is very clear not ambiguous very consistent and certain because you know from where it is originated the last one being the MESSAGE COMPONENT wherein you will be learning about the MESSAGE ELEMENTS and MESSAGE CONSTRAINS again  okay it is just like a DICTIONARY. 

How you use the dictionary to get back you get your details in the  same way you can use ISO 2422 okay and  what format is ISO20022 okay ISO 2422  format is a META more METADATA REPOSITORY MODEL which has been using uml model or with specific Uml uh profile but of course you can use excel and pdf also okay and what is a BUSSINESS MODEL okay 

BUSINESS MODEL is a part of ISO20022  format which takes a very deep dive into the BUSINESS  CONCEPT, I  would say business component, business element for  example if it is an account we need to know how the account got activated and act activity report, everything so anything associated with this particular element  is what us we call it as BUSSINESS MODEL okay and so once again thank you very much for being so clear and for EXPLAINING it to me and as i said before it's a SUPER IMPORTANT  TOPIC  so we're  going to be discussing it further next time so thank you very much thanks a lot  turkitty it is my pleasure


Comments

Post a Comment

Popular posts from this blog

Why Does Ripple Buy Back XRP? How Ripple Could Be Forced to Burn XRP Worth $30 Billion?

Image
  Why Does Ripple Buy Back XRP? How Ripple Could Be Forced to Burn XRP Worth $30 Billion? Herman Hayes    Mar 13, 2023 Ripple, the company behind the XRP cryptocurrency, has engaged in periodic repurchasing of XRP from the open market as a means of managing its supply and liquidity. There are a few reasons why Ripple might buy back XRP. In this article, you will learn why does Ripple buy back XRP. Claim Your Free $100 Gift ! Why Does Ripple Buy Back XRP? To manage supply: Ripple has a large supply of XRP tokens, and periodically buying back XRP can help to manage the supply of the cryptocurrency. By reducing the number of XRP tokens in circulation, Ripple can increase the scarcity of the cryptocurrency, potentially increasing its value. To boost liquidity: By buying back XRP, Ripple can increase the liquidity of the cryptocurrency. This can make it easier for people to buy and sell XRP, which can help to increase adoption of the cryptocurrency. To support the XRP eco...
Read more

My question TO openAI: If i wanted to Create my own Stellar local Server open source app can you AS AI help?

Image
  If i wanted to create my own Stellar local Server open source app can you help? As an AI language model, I can provide general guidance on creating your own Stellar local server open source app, but please note that the implementation details and technical requirements may be beyond the scope of my capabilities. Here are some general steps you may consider when creating your own Stellar local server open source app: Familiarize yourself with Stellar: Learn about the Stellar network, its features, and its underlying technology. Familiarize yourself with the Stellar protocol, Stellar Core (the reference implementation of the Stellar protocol), and the Stellar Development Foundation (SDF) documentation. Choose a programming language and platform: Stellar provides SDKs (Software Development Kits) in multiple programming languages, such as JavaScript, Java, Go, and others. Choose the programming language and platform that best fits your development environment and requirements. Set up...
Read more

CHATGPT what is STELLAR ?

Image
  Stellar is a blockchain-based platform that facilitates fast, low-cost cross-border payments and provides a decentralized infrastructure for issuing, transferring, and exchanging digital assets, including its native cryptocurrency called Lumens (XLM). It was created by Jed McCaleb, co-founder of Ripple, and launched in 2014. Stellar aims to provide financial services to the unbanked and underbanked populations around the world, particularly in developing countries, by leveraging blockchain technology to enable secure, fast, and affordable transactions. Stellar uses its consensus algorithm called the Stellar Consensus Protocol (SCP) to achieve distributed consensus and validate transactions on its network. Some key features of Stellar include: Fast and low-cost transactions: Stellar transactions typically settle within a few seconds and are designed to be low-cost, making it suitable for micropayments and remittances. Decentralized network: Stellar operates as a decentralized netw...
Read more