Creating ISO 20022 bank transaction codes

ISO 20022 is a standard for electronic data interchange between financial institutions. The information on the bank transaction code is used so that the financial institution can report on the type of transaction. This helps with the cash management and reconciliation processes. ISO 20022 bank transaction codes are received when CAMT052 and CAMT053 bank statements are imported.

The bank transaction code component contains three levels:

  • Domain

    The highest definition level to identify the sub-ledger. The domain defines the business area of the underlying transaction, such as payments and securities.

  • Family

  • Sub Family

    The lowest definition level, for example, type of cheques and drafts. The medium definition level, for example, type of payments, direct debit, and credit transfers.

  1. To create a domain code, select Domain Code.
  2. Click Create.
  3. Specify the Domain Code and provide a Description.
  4. Click Save.
  5. To create a family code, select Family Code.
  6. Click Create.
  7. Specify the Family Code name and provide a Description.
  8. Click Save.
  9. To create a sub family code, select Sub Family Code.
  10. Click Create.
  11. Specify the Sub Family Code name and provide a Description.
  12. Click Save.