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7 Major differences between CIIv2 and ISO20022 e-invoices

In an earlier post i mentioned the friction between the new-borns CIIv2 and ISO20022. This raised some comments both on the EEI Platform website and also here on Finextra, where we reposted the story. Oriol Bausa provided the discussion with a Slideshare presentation on the differences and frictions between both standards. Some highlights:

1. Both data models are neither equal nor equivalent: creating a mapping requires doing assumptions and loosing data

2. CIIv2 uses ISO 15000 CCTS and UN/ECE list, whereas ISO20022 both does not

3. There is no support for negative amounts and for EU VAT in the ISO20022 invoice data model

4. The CIIv2 data scheme has support for over 80.000 lines, whereas the ISO20022 data model is limited to 1362 (note: more isn’t always good)

5. CIIv2 doesn’t have a fixed code list and recommends UN/CEFACT code lists, ISO20022 has it is own code list

6. CIIv2 has reusable schema modules allowing multiple messages per scheme, ISO20022: one scheme per message

7. CIIv2 has ‘over ‘descriptive tag names/elements, the ISO20022 has very short tag names/elements

Slideshare presentation:
http://www.slideshare.net/oriolbausa/ciiv2-to-iso20022

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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