3.2.4.1.2 ISO 20022 adaptation (1) System Function (A) Overview of ISO 20022 ISO 20022 is the standard framework for financial services based on XML (eXtensible Markup Language) and other technologies established by ISO/TC68. The ISO 20022 message format has been or will be widely applied to various payment and settlement systems such as Target-2 (EU), CNAPS (China), Fedwire (US), and BOJ-NET (Japan) because of its flexibility, extensibility, and standardization. In addition, the ABMI member economies decided to adopt ISO 20022 as an international message standard for CSD-RTGS linkage. Therefore, CBM-NET Phase 2 will be compatible with the ISO 20022 message format. Source: Preparatory Survey Team Figure 3-4 ISO 20022 message instance (sample) 28