A simple guide to the Black-Scholes model - what an option is, why pricing it was a hard puzzle, and how two clever people solved it, explained with everyday analogies for curious readers.
2026, Jul 18 — 12 minute readHow ISO 20022 models bank guarantees and standby letters of credit through the tsrv business area, covering the issuance, amendment, demand, and termination of an undertaking between applicant, guarantor, advising party, and beneficiary.
2026, Jul 17 — 8 minute readHow ISO 20022 modelled the Bank Payment Obligation and the Trade Services Utility through the tsmt business area, covering the baseline, data set matching, status management, and reporting that drive a conditional interbank payment obligation.
2026, Jul 17 — 8 minute readHow ISO 20022 models the corporate-to-bank front end of trade finance through the tsin business area, covering invoice financing, invoice assignment for factoring, party registration and guarantee, and undertaking applications.
2026, Jul 17 — 7 minute readHow ISO 20022 models the management of payment terminals through the catm business area, covering status reporting, management plans, configuration updates, maintenance delegation, and certificate management between a terminal and its management system.
2026, Jul 17 — 6 minute readAn overview of ISO 20022 as a whole, tying together its methodology, message identifier, and Business Application Header with a map of its business areas across payments, securities, cards, trade finance, FX, regulatory, and reference data.
2026, Jul 17 — 10 minute readHow ISO 20022 models card settlement reporting through the casr business area, a two-message request-and-response pair that reports settlement positions and totals between card parties on the same protected envelope as the transaction messages.
2026, Jul 17 — 4 minute read