# ISO 20022 Market Practice
The ISO 20022 Market Practice for Mojaloop provides a standardized messaging framework that enables financial institutions to participate in the Mojaloop ecosystem using globally recognized ISO 20022 standards. This specification defines how ISO 20022 messages are implemented within the Mojaloop framework as an alternative to the FSPIOP API.
# Market Practice Documents
- Market Practice Document
# Key Features
The Mojaloop ISO 20022 implementation provides:
- (JSON Message Format: Adopts a JSON variant of ISO 20022 messages for enhanced API compatibility
- Three-Phase Transaction Flow: Maintains Mojaloop's Discovery, Agreement, and Transfer phases
- Currency Conversion Support: Handles cross-currency transactions with FX provider integration
- Cryptographic Security: Implements ILP v4 for secure message signing and non-repudiation
- REST API Integration: Seamless integration with modern REST-based API architectures
# Scheme Flexibility
The market practice documents provide:
- Generic Practices: Universal guidelines applicable across all Mojaloop schemes
- Extensible Framework: Allows scheme-specific customizations and requirements
- Compliance Support: Alignment with regulatory requirements and industry standards
- Version Management: Structured approach to managing evolving standards and requirements
For questions or support, please engage with the Mojaloop community through the official channels.