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ISO 20022

The success of ISO 20022 – Universal financial Industry message scheme. ISO 20022. 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

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ISO 20022

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  1. The success of ISO 20022 – Universal financial Industry message scheme ISO 20022 ISO_20022_SV_v87

  2. ISO 20022The 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 ISO_20022_SV_v87

  3. ISO 15022 IFX TWIST Message model MDDL FpML FIX Why 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… ISO_20022_SV_v87

  4. Bank A Bank B Why 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 ISO_20022_SV_v87

  5. The ISO 20022 recipe - For whom?Potential users and developers • communities of users looking for interoperability and more cost-effective communications • Message development organisations: BIAN, CBI Consortium, FPL, FpML, IFX Forum, TWIST, SWIFT, OAGi, ACORD, XBRL, EPASOrg, Berlin Group, ANBIMA, ASF, etc. • Market Infrastructures (MIs): DTCC, FED, China UnionPay, EBA, Target, CLS, Euroclear, Clearstream, Omgeo, T2S, NBB, China Foreign Exchange Trade System etc. • International or national standards setters: ISITC, ISO WGs, UN/CEFACT, EPC, BIAN, UK Payments Council,FFI, The Danish Bankers Association,etc. There are also catalysts for interoperability and convergence, such as SEPA, T2S, Giovannini,MiFID, e-Invoicing ISO_20022_SV_v87

  6. ISO 20022 The registration bodies • Registration Management Group - RMG (Overall governance) • 60 senior managers from 20 countries and 9 international organisations • Standards Evaluation Groups – SEGs (User representatives) • Securities (53 experts, 15 countries, 7 organisations) • Payments (62 experts, 17 countries, 5 organisations) • Cards and related retail financial services (30 experts, 14 countries, 3 organisations) • Trade Services (33 experts, 13 countries, 1 organisation) • Forex (24 experts, 9 countries, 3 organisations) • Technical Support Group – TSG (ISO 20022 technical advisors) • 26 experts from 11 countries and 5 international organisations • Registration Authority – RA (Maintaining ISO 20022 repository) ISO_20022_SV_v87

  7. Financial organisation or standards body Submitting organisation Business justification Business justification Project approval & allocation to a SEG RMG Submitting organisation & RA Development & provisional registration SEG RA Repository Dictionary Catalogue ISO 20022 The registration processDevelopment Process R M G m o n i t o r s Candidate ISO 20022 messages Business validation ISO 20022 messages Official registration and publication www.iso20022.org Optional pilot testing or first implementers Submitter & users ISO_20022_SV_v87

  8. SEG SEG SEG RA Repository Dictionary Catalogue ISO 20022 registration process Yearly maintenance process Timing Users introduce Change Requests to the RA By June 1 Users CRs SEG screens Change Requests (CRs) By July 7 Submitting organisation prepares ‘Maintenance Change Request’ with each CR implementation Submitting organisation By August 21 By October 1 SEG approval/rejection Submitting organisation & RA Development of new versions By December 1 Validation of new versions By February 1 Registration and publication April-May First implementers Submitting organisation & users ISO_20022_SV_v87

  9. The ISO 20022 recipe is used! (1/11)Payments Credit Transfers / Direct Debits / Mandates Financial Investigations Exceptions & Investigations Change/Verify Account Identification Creditor Payment Activation Request Debtor’s bank Authorities Creditor’s bank Cash Management Account Switching Account Switching ISO 20022 Exceptions & Investigations Bank Account Management Creditor Payment Activation Request Change/Verify Account Identification Advice & Statement Notification to Receive Account Reporting Request Mandates Creditor Payment Activation Request Exceptions & Investigations Advice & Statement Credit Transfer Initiation Stand-Alone Remittance Advice Stand-Alone Remittance Advice Direct Debit Initiation Candidate ISO 20022 (in development) Bank Services Billing Bank Services Billing Debtor Creditor ISO_20022_SV_v87

  10. 64 ISO 20022 messages approved: Customer payment initiation Interbank payment clearing and settlement Payments exceptions & investigations Bank-to-customer cash management Mandates Change/verify account identification Bank account management Creditor payment activation request Cash account reporting request & notification messages Bank services billing Authorities financial investigations Stand-alone remittance advice messages Candidate ISO 20022 messages under evaluation None Candidate ISO 20022 messages approved for development: Cash management Real time payments Account switching Mandate Status List Financial Institution Direct Debit New development proposals: None The ISO 20022 recipe is used! (2/11)Payments message portfolio is growing! ISO_20022_SV_v87

  11. The ISO 20022 recipe is used! (3/11)Card message portfolio is growing Authorisation (ATICA) Issuer Acquirer ATMI transaction authorisation POI Terminal Management (CAPE) ATM terminal Management POI transaction authorisation (CAPE) ISO 20022 Candidate ISO 20022 (in development) Acceptor Sale Management (CAPE) ISO_20022_SV_v87

  12. 21 ISO 20022 messages approved: Cardpayments exchanges (CAPE) – Acceptor to Acquirer and Terminal Management Candidate ISO 20022 messages approved for development: ATM interface for transaction processing and ATM management Acquirer to issuercard messages (ATICA) CardPayments Exchanges (CAPE) - Sale-to-POI management Dispute Resolution in Cards Fee Collection New developmentproposals: None The ISO 20022 recipe is used! (4/11)Cards and related retail financial services ISO_20022_SV_v87

  13. The ISO 20022 recipe is used! (5/11)Securities - equities and fixed income Seller Buyer Pre-trade / Trade (FIX/SWIFT) Post-Trade (Omgeo/SWIFT) CCP Clearing (FPL/SWIFT) Regulators Transaction Regulatory Reporting (SWIFT) Corporate Actions (SWIFT) Settlement (SWIFT) Settlement (SWIFT) Corporate Actions (SWIFT) ISO 20022 Reconciliation TPV Statement (ISITC/SWIFT) Candidate ISO 20022 (in development) Reconciliation (SWIFT) ISO 15022 I/CSD Settlement & Reconciliation (SWIFT) Settlement & Reconciliation (SWIFT) Custodian Clearing agent Issuers’ Agent Communication (Euroclear) Corporate Actions (SWIFT) Issuers’ Agent ISO_20022_SV_v87

  14. The ISO 20022 recipe is used! (6/11)Securities - investment funds (CIV) Old plan manager PEP/ISA/Portfolio Transfers Fund accountant New plan manager Price Report Order & Confirmation & Status Alternative Funds Order, Confirm & Status Transfer agent Transfer & Confirmation & Status Institutional investor Statements Account Management Fund Cash Forecast Report Request for Fund Report Prospectus or FPP report user, e.g. Fund distributor FPP Report Fund Prospectus Investment manager Prospectus or FPP report provider, e.g. Fund manager ISO 20022 Candidate ISO 20022 (in development) ISO_20022_SV_v87

  15. The ISO 20022 recipe is used! (7/11)Securities message portfolio is growing! • 154 ISO 20022 messages approved and published: • Investment funds distribution • Securities transaction regulatory reporting • Proxy voting • Issuers’ agents communication • Fund processing passport report • Securities settlement and reconciliation • Securities corporate actions • Securities post-trade • Total portfolio valuation report • Candidate ISO 20022 messages under evaluation: • CCP Clearing • Collateral management • Candidate ISO 20022 messages approved for development: • Alternative funds • TARGET2-Securities • Investment fund prospectus • SSI for Securities, Payments & FX • Transparency of holdings • New development proposals: • None ISO_20022_SV_v87

  16. FX order Interest rate swaps Foreign exchange and currency options Loans and deposits The ISO 20022 recipe is used! (8/11)Forex Ordering party ISO 20022 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 ISO_20022_SV_v87

  17. The ISO 20022 recipe is used! (9/11)FX message portfolio is growing! • 15 ISO 20022 messages approved and published: • Forex notifications • Candidate ISO 20022 messages under evaluation: • none • Candidate ISO 20022 messages approved for development: • Post Trade FX messages • FX Post-Trade Trade Confirmation, FX Post-Trade Trade Capture • New development proposals • None ISO_20022_SV_v87

  18. TSU The ISO 20022 recipe is used! (10/11)Trade Services Buyer’s bank Seller’s bank Financial Invoice Trade Services Management Trade Services Management Invoice Tax Report ISO 20022 Candidate ISO 20022 (in development) Financial Invoice Invoice Financing Request Factoring Services Factoring Services Financial Invoice Tax Authority Invoice Tax Report Financial Invoice Seller Buyer ISO_20022_SV_v87

  19. The ISO 20022 recipe is used! (11/11)Trade message portfolio is growing! • 74 ISO 20022 messages approved: • Invoice financing request • Trade services management • Financial invoice • Demand guarantees and standby letters of credit • Candidate ISO 20022 messages under evaluation: • Factoring services • Candidate ISO 20022 messages approved for development: • Invoice Tax Report • New development proposals: • None ISO_20022_SV_v87

  20. Whoisinterested by ISO 20022? From 26 April 2013 to 26 October 2013, www.iso20022.orghad 229,204visits from 135,400 visitors from 175 countries ISO_20022_SV_v87

  21. www.iso20022.org uestions & Answers iso20022ra@iso20022.org ISO_20022_SV_v87

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