ISO20022 is Open standard for Financial messaging and is now widely used across enterprises to communicate to Financial institutions like banks. The most common usage of ISO20022 is to send payment instructions in xml format to the Bank server. Banks can then process these payments quickly and easily considering the common structure and formatting.
Though, this format is not completely uniform across banks, Geographical regions and payment methods. Changes are there depending on regions like US, UK, EU and asia pacific. Based on the payment methods changes can be there for WIRE, SEPA, NonSEPA, ACH and International Payments. These differences are published by the Banks in form of a payment file specification listing each of the mandatory or optional tags, their usage and possible values. This forms the basis for development for a Oracle cloud Technical developer to modify the standard ISO20022 format to generate the desired payment xml file.
Oracle cloud ERP provides an extensive framework to incorporate a plethora of customizations which might be required to adhere to the requirements of Bank specifications. The basic infrastructure of payment file generation has been illustrated below through a flow chart below:
The Steps involved in Creation of Custom xsl file format are as follows:
Navigate to BI xmlp server, through the Url as below:
https://<Cloud root Url>/xmlpserver
Navigate to the Path /Shared Folders/Financials/Payments, then click more option on the report ‘Disbursement Payment file formats’
This will create a copy of the report in the custom folder ‘/shared/Custom/Financials/Payments/Disbursement Payment File Formats’ which can be modified and will be picked before the standard report.
Navigate to the BI catalog server now and go to the newly created path
‘/shared/Custom/Financials/Payments/Disbursement Payment File Formats’
Click edit on the report and then again click edit on standard template ‘ISO20022 Common Global Implementation’. This will download
the standard template in xsl format. This will be the base for out modifications needed in the template.
4.) Perform the required customization. The common customization have been illustrated in the below blog:
5.) Upload the customized template to the report by clicking ‘add new Layout’. Upload by providing new Template name and type as XSL StyleSheet. Set the default format in the template as ‘xml’.
6.) Navigate to Setup and Maintainence> Manage Formats. Create new format of type ‘Disbursement payment file formats’ and click create. Choose the format name and select the template.
7.) Assign this format to the Payment process profile to be used in the payment.
8.) Save and run the payment process to test the xml output.