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David Dobbing SWIFTStandards

UN/CEFACT Plenary Geneva, 16 - 17 September 2008. SWIFT, ISO 20022 and UN/CEFACT. David Dobbing SWIFTStandards. What is SWIFT?. A co-operative organisation serving the financial industry. A provider of highly secure financial messaging services.

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David Dobbing SWIFTStandards

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  1. UN/CEFACT Plenary Geneva, 16 - 17 September 2008 SWIFT, ISO 20022 and UN/CEFACT David Dobbing SWIFTStandards

  2. What is SWIFT? A co-operative organisation serving the financial industry A provider of highly secure financial messaging services A standardisation body for the financial industry

  3. Established in 1973 by 239 banks in 15 countries • Developed shared messaging platform for financial transactions • Emphasis on security, reliability and availability Heritage • Serving 8,300 financial institutions across 208 countries • Payments, Securities, Foreign Exchange, Treasury and Trade • Reducing costs, improving automation, managing risk Understanding • Industry-owned community • Overseen by regulatory authorities • Impartial to the data transacted across the messaging platform Neutrality • Store and forward, file transfer, interactive query & response • Open standards • IP over fibre-optic backbone Technology SWIFT business dimensions

  4. SWIFT figures (December 2007) 3.5 billion messages per year 8,332 customers 208 countries Average daily traffic 13.9 million messages Peak day of 16 million messages 28 September 07

  5. MT-based MX-based Payments and Cash Management Market Credit transfers Exceptions & Investigations Debtor’sFinancial Institution Creditor’sFinancial Institution Cash management Direct debits MT 1xx, 2xx MT 9xx Cash management Payment initiation (CT + DD) Exceptions & Investigations MT 101 MT 9xx Cash management Exceptions & Investigations MT 9xx Debtor Creditor

  6. TSU messages TSU messages TSU MT-based MX-based Trade & Supply Chain Market Guarantees / Standby LCs MT 76x Collections MT 4xx Letters of credit MT7xx Buyer’s bank Seller’s bank Trade Services Utility

  7. Buyer Buyer’s Bank Seller’s Bank TSU Trade Services Utility Financing with or without recourse Financing with or without recourse Data Matching Seller (2) Invoice, Transport, Insurance, Certificate Data (1) Purchase Order Data Centralised Workflow & Matching Engine

  8. ISO 20022 UNIFI (UNIversal Financial Industry message scheme) Objective To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities Challenge Numerous overlapping standardisation initiatives looking at XML financial messages: MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST, SWIFT, RosettaNet, OAGi, ACORD, CIDX, etc.

  9. Modelling-based standards development ISO 20022 – Components - Syntax-independent business standard - Validated by the industry • Syntax-specific design rules for XML - Predictable and ‘automatable’ - Protect standard from technology evolution • Reverse engineering approach - Protect industry investment and ease interoperability - Prepare for future migration • Development / registration process - Clearly identified activities and roles - Business experts and future users involved upfront • Repository on the ISO 20022 website - Business Process Catalogue & Data Dictionary - Outside of official standard (maintained by registration bodies)

  10. Buyer’s Bank Seller’s Bank Buyer Seller ISO 20022 and UN/CEFACT UN/CEFACT Administration, Commerce & Transport • e-Invoice • Remittance Advice • Request for Finance • etc ISO 20022 (UNIFI) Financial Goal is one of convergence of the standards developed by the two de jure standards bodies, on the commercial side UN/CEFACT, and on the financial side ISO 20022

  11. ISO 20022 and UN/CEFACT Cooperation • 2004: • TC68, TBG5 and SWIFT sign a cooperation agreement to investigate alignment in line with the objectives of the ‘MoU on e-Business’ • A workplan is agreed between the signatories • 2005: • Recommendation for alignment of methodologies • Trial submission from UNIFI to UN/CEFACT • 2006: • WG4 takes over technological alignment • 2007: • First official submission from UNIFI to UN/CEFACT • Project submission from UN/CEFACT to UNIFI • 2008: • Customer-to-bank payment components harmonised and accepted in UN/CEFACT Core Component Library

  12. ISO 20022 and UN/CEFACT Convergence UNIFI Registration Management Group UNIFI Users UNIFI Standards Evaluation Groups ISTH UNIFI Registration Authority UN / CEFACT (All Sectors) Omgeo UN/CEFACT Registry/ Repository UNIFI Financial Repository Securities CLS Business Requests SWIFT Core Components Data Dictionary TBG5 Finance Payments Euroclear Message Models TBG17 Harmonisation Common Business Processes Business Process Catalogue Trade Services ISITC www.iso20022.org www.unece.org/cefact/ ACBI Forex

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