Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a complete and unambiguous way.
[1] This results in efficiency, lower costs, and the avoidance of errors.
ISO 15022 was developed in 1992, in London, to provide the securities industry with a better tool to create message standards.
To avoid this, ISO 15022 does not contain the actual messages, but contains a set of rules and guidelines to build messages.
If these rules and guidelines are adhered to (checked by the registration authority) the resulting message (format) is automatically an ISO 15022-compliant standard.