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SWIFTSolutions for high value payment clearing

SWIFTSolutions for high value payment clearing. Adding value to payments clearing . Standardisation Reduced costs and complexity for participants Interoperability of clearings Third party software availability. Single window Re-use of existing infrastructure Simplicity for participants.

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SWIFTSolutions for high value payment clearing

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  1. SWIFTSolutions for high valuepayment clearing Sib06_SWstand_HVPC_v1.ppt

  2. Adding value to payments clearing Standardisation • Reduced costs and complexity for participants • Interoperability of clearings • Third party software availability Single window • Re-use of existing infrastructure • Simplicity for participants Sib06_SWstand_HVPC_v1.ppt

  3. Benefits for financial institutions • Single re-usable connection • Standard security implementation • Re-usable technical expertise • Single contract and service management • Common technical integration in user environment • Business standards High-value payments Low-value payments EURO1 STEP1 FIs FIs ACH STEP2 RTGS FileAct FINInterAct SWIFT Financial institutions Sib06_SWstand_HVPC_v1.ppt

  4. Internal payment system SWIFT interface SWIFTNet infrastructure for HVPC systems Bank A Bank B SWIFTNet Payment message SWIFTNet FIN Copy SWIFTNet FileAct Real-time reporting Settlement request Authorisation/ refusal SWIFTNet Browse On-line visualisation of information SWIFTNet InterAct Real-time cash management Central RTGS Application Central SWIFT interface Central Web Server Payment processing Bank A Bank B SWIFTNet services FIN/FIN Copy Sib06_SWstand_HVPC_v1.ppt

  5. SWIFT provides a total solution for payments and settlement systems Banking correspondents Automated clearing houses Real-time gross settlement systems Central securities depositories Settlementinstructions Settlement instructions Payments Settlement instructions DVP instructions R-t cash reporting Real-time query/control Real-time query/control Real-time query/control Bulk payments Bulk payments Reporting Reporting FIN FIN Copy InterAct FileAct Sib06_SWstand_HVPC_v1.ppt

  6. User A User B FIN Copy ServiceY-Copy mode 1 5 2 1. User A sends message to User B 2. Original message is held in FIN 3. Message is copied by FIN to Y-Net Server, and sent in an MT096 envelope 4. Authorisation is sent to FIN (MT097) 5. FIN forwards the message to User B. If not authorised, FIN returns message to User A 3 4 Central Institution Sib06_SWstand_HVPC_v1.ppt

  7. User A User B FIN Copy ServiceT-Copy mode 1 4 2 1. User A sends message to User B 2. Message is copied by FIN to the Server 3. Message is sent to the Server in an MT096 envelope 4. FIN forwards the message to User B 3 Central Institution Sib06_SWstand_HVPC_v1.ppt

  8. User A User B FIN Copy ServiceAdditional features Sender Notification/Receiver Information 1 5 2 Destination info (Block 115) Sender notification MT012 & Sender info (Block 114) 3 4 Sender info (Block 114) Destination info (Block 115) Central Institution Sib06_SWstand_HVPC_v1.ppt

  9. User A User B FIN CopyY-Copy authentication MAC:A to B SWIFT Y-Copy PAC:A to Central Institution PAC:Central Institution to B Central Institution Sib06_SWstand_HVPC_v1.ppt

  10. User A User B FIN CopyT-Copy authentication MAC:A to B SWIFT FIN Copy PAC:A to Central Institution Central Institution Sib06_SWstand_HVPC_v1.ppt

  11. - Limits - Accounts - Transactions - Business data (membership, day profiles, exchange rates, FX margins...). 1 Get object information - Input transactions - Modify/cancel transactions - Modify/cancel limits - Transaction authorizations - Standing order management 2 Actions onobjects 3 - Limits - Accounts - Transaction - Business information (static/dynamic) Alarms and business information 4 - Registration or bookings to the account - Balance information Provide information for Reconciliation Cash management messaging offeringSWIFTStandards XML Sib06_SWstand_HVPC_v1.ppt

  12. SWIFTNet InterAct is used in real time mode query and response Used either in the context of person-to-application solutions (with SAB) or application-to-application (with SAG) • SWIFTNet InterAct Q&R: interactive exchange of information for messages that are time-critical and need an instant response • New message types will be introduced as ISO XML messages for SWIFTNet InterAct: Cash Management standards • Types of operations supported include: • Payments queue management • Liquidity management • Management of reservation and limits Real-time query & response Sib06_SWstand_HVPC_v1.ppt

  13. Key characteristics of SWIFTNet InterAct Highly secure • Secured with SWIFTNet PKI (managed certificates) • Encryption, authentication and integrity control • Non-repudiation • Closed user group control • SIPN Highly reliable • Highly available operations • Store-and-forward • Delivery notification STP oriented • Message validation • XML-based Other • Short messages (max 100 K; recommended < 20 K for RT) • Higher priority vs. SWIFTNet FileAct • Flexible central routing • Real-time messaging requires 64K lines minimum Sib06_SWstand_HVPC_v1.ppt

  14. User access rights User ok? E Grieg  F Chopin  Limits 75,000 50,000 SWIFTNet Browse overview SWIFTNet Browse transparently combines two communication mechanisms Using non-managed Web certificates HTTP-S channel only authenticates the system of the end user Service user Service provider HTTP-S SWIFTNet E Grieg InterAct/FileAct Workstation Web Server + SNL InterAct / FileAct channel authenticates the end user Using managed SWIFTNet PKI certificates SWIFTNet Browse allows to initiate InterAct or FileAct exchanges via a secure browser link. By doing so sensitive data can be exchanged with all the security and reliability inherent to the SWIFTNet platform, while preserving the benefits of a browser-based environment. Sib06_SWstand_HVPC_v1.ppt

  15. Key characteristics of SWIFTNet Browse (when used with SWIFTNet InterAct/FileAct) Highly secure and reliable • Integration with SWIFTNet InterAct / FileAct for security sensitive data • HTTP-S exchanges secured with web-certificates for non-sensitive / un-structured exchanges • Closed User Group control • SIPN Standard technologies • Client uses standard browser to navigate • HTTP-S for screens and InterAct for transactions or FileAct for file transfers Thin client • Service provider does not install software at client side Single window • Re-utilisation of existing SWIFTNet infrastructure Sib06_SWstand_HVPC_v1.ppt

  16. software lines maintenance hardware support project management testing backup legal procurement software maintenance release qualification disaster take-over exercises education documentation Benefits for automated clearing houses Slide 16 Sib06_SWstand_HVPC_v1.ppt Sib06_SWstand_HVPC_v1.ppt

  17. Banking market infrastructures – August 2006 Low-Value Payments High-Value Payments Systems Systems 67 6 Live Live 12 3 Implementation Implementation 5 12 Plan/Discussion Plan/Discussion SWIFTNet services FIN FIN Copy InterAct FileAct Browse 25 42 6 11 6 Live 6 5 4 7 5 Implementation 15 9 1 5 2 Plan/Discussion Sib06_SWstand_HVPC_v1.ppt

  18. Banking market infrastructures – August 2006High-value payments Live Albania (AIP) Algeria (RTGS) Angola (PTR) Australia (PDS) Austria (ARTIS) Azerbaijan (AZIPS) Bahamas (BHS) Barbados (BDS) Belgium (ELLIPS) Bosnia & Herzegovina (BIH) Bulgaria (BGN-RINGS) Canada (LVTS) Chile (Netting - LBTR) CLS Bank Croatia (HSVP) Denmark (DDK-KRONOS) Egypt (CBE) EBA Clearing (EURO1/STEP1) ECB (TARGET) Finland (BOF) France (CRI – PNS/TBF) Germany (RTGSPlus) Ghana (GISS) Greece (HERMES) Guatemala (RTGS) Hungary (VIBER) Ireland (IRIS) Italy (BIREL) Jordan (RTGS) Kenya (KEPSS) Kuwait (RTGS) Latvia (LVL) Lesotho (RTGS) Luxemburg (LIPS) Malta (MARIS) Mauritius (MACSS) Namibia (NISS) Netherlands (TOP) New Zealand (AVP) Norway (NICS) Oman (RTGS) Philippines (PPS) Romania (REGIS) Slovenia (SIPS) South Africa (BOP - RTGS - SAMOS) Spain (NSLBE - SLBE) Sri Lanka (LankaSettle) Sweden (RIX) Switzerland (Remote Gate) Tanzania (TISS) Thailand (BAHTNET/2) Trinidad & Tobago (SAFE-TT) Uganda (UNIS) United Kingdom (CHAPS-£ CHAPS-€ / Enquiry Link) United States (CHIPS) Venezuela (PIBC) Zambia (RTGS) Zimbabwe (ZETTS) West African States (BCEAO) Implementation Plan/Discussion Bahrain (RTGS) Botswana (RTGS) Morocco (RTGS) Pakistan (RTGS) Central African States (BEAC) Tunisia (RTGS) Eurosystem (TARGET2) Singapore (MEPS+) Israel (RTGS) Swaziland (RTGS) Fiji (RTGS) Hong Kong (RTGS) Georgia (RTGS) Lebanon (RTGS) Palestine (RTGS) Peru (RTGS) Russian Federation (RTGS) Sib06_SWstand_HVPC_v1.ppt

  19. Banking market infrastructures – August 2006Low-value payments Live Implementation Plan/Discussion Albania (AECH) EBA Clearing (STEP2) Eurogiro Germany (RPS) Slovenia (GIRO) Sweden (BGC) Jordan (ACH) Uganda (ACH) United Kingdom (VOCA) Croatia (FINA) Georgia (ACH) Germany (Garagenclearing) Ghana (ACH) Greece (DIAS) Italy (part of BI-COMP) Luxemburg (LIPS-Net) Netherlands (Interpay) Romania (SENT) Sierra Leone (ACH) South Africa (BankServ) Spain (Iberpay) Sib06_SWstand_HVPC_v1.ppt

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