20022 messages have higher complexity and require too much work for implementation and continuous upgrading by CBM (refer to the “Message Definition Report” published by ISO 20022.org). In addition, receiving messages that can be downloaded through CBM-NET terminals are compatible with the XML message formats. Messages, except as described below, may not be converted to XML message formats because these will be used only inside CBM-NET. Advantage  Common Language: ISO 20022 covers a wide range of areas, not only Payments but also other areas such as Securities, Trade Services, Cards and FX.  Interoperability: Prior to the establishment of ISO 20022, many of message formats were existing (e.g. Swift-MT, FIX, ISO 15022). In case many institutions apply to ISO 20022, their services will have capabilities for the connection with each other.  Flexibility: ISO 20022 applies to XML, tag-based mark-up language. Former message format (“MT”) has strict message definitions with fixed data fields; in comparison, ISO 20022 (“MX”) has flexibility for the future updating of message formats. Disadvantage  Complexity: ISO 20022 message formats include a huge variety of items, layers and tags; some items are set as required items whether they are need or not (as well CBM must define what kind of value should be set in each item). Therefore, the use of ISO 20022 messages tends to put a load on computer resources.  Continuous upgrade: ISO 20022 message formats are reviewed and changed annually, and their versions are changed if needed. So, after the initial implementation on ISO 20022, in a few years, CBM may need to upgrade the message formats in line with international trends by itself. 30