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UNIFI (ISO 20022)

The success of ISO 20022 – UNIversal Financial Industry message scheme. UNIFI (ISO 20022). UNIFI (ISO 20022). UNIFI (ISO 20022) The ISO recipe for all financial messages. ISO 20022 - UNI versal F inancial I ndustry message scheme, the recipe:

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UNIFI (ISO 20022)

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  1. The success of ISO 20022 – UNIversal Financial Industry message scheme UNIFI (ISO 20022) UNIFI (ISO 20022) UNIFI_(ISO_20022)_SV_v10

  2. UNIFI (ISO 20022)The ISO recipe for all financial messages • ISO 20022 - UNIversal Financial Industry message scheme, the recipe: • syntax neutral business modelling methodology • syntax specific design rules • industry led development/registration process • financial repository on www.iso20022.org • reverse engineering approach to ease coexistence UNIFI_(ISO_20022)_SV_v10

  3. ISO 15022 IFX TWIST Message model MDDL FpML FIX Why UNIFI (ISO 20022)?Supports convergence and co-existence ISO 15022 IFX TWIST Message model MDDL FpML FIX Long term we want one standard, but in the interim several standards need to co-exist… UNIFI_(ISO_20022)_SV_v10

  4. Bank A Bank B Why UNIFI (ISO 20022)?Convergence in the cooperative space Cooperative Space Competitive Space Competitive Space High Value Payments: RTGS, EURO1 and CHIPS Financial Institutions Financial Institutions FX and Money Markets: Rule Books, CLS Public Admini- strators Commercial Payments: Rule Books, Clearing Houses, Processors Public Admini- strators Cards: Rule Books, Card Schemes, Cards Processors Corporates Corporates Tradefacilitation: ICC Rule Books, e-invoicing SME’s SME’s Cash: NCB rules, Industry Standards Merchants Merchants Securities: Rule Books, Exchanges, CCP’s CSD’s, Standardisation Consumers Consumers Certification & Networks: SWIFT Cooperative space for business rules Cooperative space for standards UNIFI_(ISO_20022)_SV_v10

  5. UNIFI (ISO 20022) recipe - For whom?Potential users and developers • communities of users looking for interoperability and more cost-effective communications • Message development organisations:FIX, FinXML, VRXML, RIXML, FpML, IFX, TWIST, SWIFT, RosettaNet, OAGi, ACORD, ISTH, XBRL, CIDX, EPAS, etc. • Market Infrastructures (MIs): DTCC, FED, EBA, Target, CLS, Euroclear, Omgeo, etc. • International or national standards setters: ACBI, ISITC, ISO TC68 WGs, UN/CEFACT TBG5, OMG, EPC, etc. There are also catalysts for interoperability and convergence, such as SEPA, Giovannini,MiFID, e-Invoicing UNIFI_(ISO_20022)_SV_v10

  6. UNIFI (ISO 20022) The registration bodies • Registration Management Group - RMG (Overall governance) • 50 senior managers from 18 countries and 9 international standards organisations • Standards Evaluation Groups – SEGs (User representatives) • Payments (40 experts,13 countries, 5 organisations) • Securities (56 experts, 16 countries, 7 organisations) • Forex (26 experts, 11 countries, 3 organisations) • Trade (26 experts, 13 countries, 2 organisations) • Cards and retail banking (to be formed) • Technical Support Group – TSG (ISO 20022 technical advisors) • 23 experts from 9 countries and 4 international standards organisations • Registration Authority – RA (Maintaining UNIFI repository) UNIFI_(ISO_20022)_SV_v10

  7. Financial industry group or standards body R M G m o n i t o r s Submitter Business justification Business justification Project approval & allocation to a SEG RMG Endorsement of scope and developers SEG Development & provisional registration Submitter & RA SEG RA Repository Dictionary Catalogue UNIFI (ISO 20022) The registration process Candidate UNIFI messages Business validation UNIFI messages Official registration and publication www.iso20022.org Optional pilot testing or first implementers Submitter & users UNIFI_(ISO_20022)_SV_v10

  8. The UNIFI recipe is used! (1/9)Payments Direct Debits / Credit Transfers Exceptions & Investigations Creditor’s financial institution Debtor’sfinancial institution Cash Management Change/Verify Account Identification E-Mandates Creditor Payment Activation Request UNIFI Exceptions & Investigations Change/Verify Account Identification Advice & Statement Cash Management Creditor Payment Activation Request E-Mandates Creditor Payment Activation Request Exceptions & Investigations Advice & Statement Credit Transfer Initiation Direct Debit Initiation Candidate UNIFI (in development) Cash Management Debtor Creditor UNIFI_(ISO_20022)_SV_v10

  9. The UNIFI recipe is used! (2/9)Payments message portfolio is growing! • 29 UNIFI messages approved and published: • Customer payment initiation • Interbank payment clearing and settlement • Payments exceptions & investigations • Bank-to-customer cash management • Candidate UNIFI messages under evaluation: • none • Candidate UNIFI messages approved for development: • Cash management • Change/verify account identification • E-Mandates • Creditor payment activation request • Bank account management • New development proposals: • Card payments exchanges • ATM interface for transaction processing and ATM management UNIFI_(ISO_20022)_SV_v10

  10. The UNIFI recipe is used! (3/9)Securities - equities and fixed income Seller Buyer Pre-trade / Trade (FIX/SWIFT) Trade / Post-Trade (Omgeo) Regulators Transaction Regulatory Reporting (SWIFT) Corporate Actions (SWIFT) Corporate Actions Proxy Voting (SWIFT) Pre- Settlement (SWIFT) Pre- Settlement (SWIFT) UNIFI Reconciliation TPV Statement (SWIFT/ISITC) Reconciliation (SWIFT) Candidate UNIFI (in development) ISO 15022 I/CSD Settlement & Reconciliation (SWIFT) Settlement & Reconciliation (SWIFT) Custodian Clearing agent Registration Communication (Euroclear) Issuers’ Agent Communication (Euroclear) Market Claims (Euroclear) Corporate Actions (SWIFT) Issuers’ Agent Registrar UNIFI_(ISO_20022)_SV_v10

  11. The UNIFI recipe is used! (4/9)Securities - investment funds (CIV) Old plan manager PEP/ISA/Portfolio Transfers Fund accountant New plan manager Price Report Order & Confirmation & Status Transfer & Confirmation & Status Transfer agent Statements Institutional investor Account Management Fund Cash Forecast Report FPP report user, e.g. Fund distributor Request for Fund Report FPP Report Investment manager FPP report provider, e.g. Fund manager UNIFI Candidate UNIFI (in development) UNIFI_(ISO_20022)_SV_v10

  12. The UNIFI recipe is used! (5/9)Securities message portfolio is growing! • 79 UNIFI messages approved and published: • Investment funds distribution • Securities transaction regulatory reporting • Proxy voting • Candidate UNIFI messages under evaluation: • Securities pre-trade/trade • Issuers’ agents communication • Candidate UNIFI messages approved for development: • Total portfolio valuation statement • Securities post-trade • Securities registration and holder identification • Securities market claims and automatic transformation • Securities settlement and reconciliation • Securities corporate actions • Securities Issuance • Fund processing passport report • Triparty collateral management • New development proposals: • Alternative Funds UNIFI_(ISO_20022)_SV_v10

  13. FX order Interest rate swaps Foreign exchange and currency options Loans and deposits The UNIFI recipe is used! (6/9)Forex Ordering party UNIFI MTs FpML CUG (Trade Notifications) Trading party Trading party FX & Loan/Deposit Advice & Allocations NDF Opening and Valuation Notifications and Foreign Exchange Option Premium Notifications Settlement party custodian NDF and Foreign Exchange Option Notifications NDF and Foreign Exchange Option Notifications Central Settlement System UNIFI_(ISO_20022)_SV_v10

  14. The UNIFI recipe is used! (7/9)FX message portfolio is growing! • 15 UNIFI messages approved and published: • Forex notifications • Candidate UNIFI messages under evaluation: • none • Candidate UNIFI messages approved for development: • none • New development proposals: • none UNIFI_(ISO_20022)_SV_v10

  15. TSU The UNIFI recipe is used! (8/9)Trade Services e-Invoice Seller’s bank Buyer’s bank TSU messages TSU messages Invoice Financing Request e-Invoice EBPP UNIFI Candidate UNIFI (in development) Seller Buyer UNIFI_(ISO_20022)_SV_v10

  16. The UNIFI recipe is used! (9/9)Trade message portfolio is growing! • 53 UNIFI messages approved and published: • Invoice financing request • Trade services management • Candidate UNIFI messages under evaluation: • none • Candidate UNIFI messages approved for development: • E-invoice • New development proposals: • none UNIFI_(ISO_20022)_SV_v10

  17. www.iso20022.org uestions & Answers iso20022ra@iso20022.org UNIFI_(ISO_20022)_SV_v10

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