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UNIFI (ISO 20022) “ creating interoperability for the financial industry”

OASIS Symposium, San Francisco, 9 May 2006. UNIFI (ISO 20022) “ creating interoperability for the financial industry”. Frank Vandamme Senior Manager, Standards SWIFT. SWIFT. S ociety for W orldwide I nterbank F inancial T elecommunication

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UNIFI (ISO 20022) “ creating interoperability for the financial industry”

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  1. OASIS Symposium, San Francisco, 9 May 2006 UNIFI (ISO 20022)“creating interoperability for the financial industry” Frank Vandamme Senior Manager, Standards SWIFT

  2. SWIFT • Society for Worldwide Interbank Financial Telecommunication • Community: financial institutions active in payments, securities, treasury and trade services • Network: secure and reliable network application • Standards: standardized information flows (messages) • Some figures: • Established in 1973 • 7,850 users in 204 countries • More than 11 million messages per day • Yearly growth more than 10%

  3. A typical business transaction Business transaction = all communication to fulfil request from originator to beneficiary Please pay CORP2 100.000 USD (net) by 31 Aug 2005, for invoice “corp2_143”. Indicate a difference of 25.000 USD with the requested amount due to non-delivery of one article ?

  4. Credit transfer instruction Credit transfer instruction Credit confirmation Statement Interbank transfer Payment initiation Statement Inerbank settlement Interbank settlement Investigation Response A typical business transaction Please pay CORP2 100.000 USD (net) by 31 Aug 2005, for invoice “corp2_143”. Indicate a difference of 25.000 USD with the requested amount due to non-delivery of one article ? • What is required to make this business transaction work? • All necessary communications are foreseen • All required information can be obtained and/or forwarded where and when necessary

  5. Payments Treasury EPC/ECBS EACT CHIPS SWIFT SWIFT TCH RosettaNet/PMP IFSA TWIST NACHA OAGi FPML ISTH X12 Fedwire ISDA IFX MoU/MG ISO OMG W3C UN/CEFACT FIX Bolero OASIS SMPG FISD/MDDL IIBLP BMA IFSA SIA SWIFT EAN/UCC G30 ISSA SWIFT ISITC-IOA ICC Giovannini UNCITRAL Securities Trade Finance Standards landscape in the financial industry TC68/SC6&7 CEFACT/ TBG5 TC68/SC4&7 TC68/SC4 WG8 & WG11 CEFACT/ TBG15

  6. A typical business transaction … impacted by the standards landscape ? EPC ? X12 ? ? ? ? ? ISTH ? IFX ? Edifact Swift OAGi FedWire ? ?

  7. Payments Treasury EPC/ECBS EACT CHIPS SWIFT SWIFT TCH RosettaNet/PMP IFSA TWIST NACHA OAGi FPML ISTH X12 Fedwire ISDA IFX MoU/MG ISO OMG W3C UN/CEFACT FIX Bolero OASIS SMPG FISD/MDDL IIBLP BMA IFSA SIA SWIFT EAN/UCC G30 ISSA SWIFT ISITC-IOA ICC Giovannini UNCITRAL Securities Trade Finance UNIFI (ISO 20022) Building towards a common approach UNIFI ISO20022 TC68/SC6&7 CEFACT/ TBG5 TC68/SC4&7 TC68/SC4 WG8 & WG11 CEFACT/ TBG15

  8. Make it better, faster & cheaper UNIFI (ISO 20022)Main drivers • Improve quality • Ensure end-to-end interoperability • Support diversity (market practices) • Improve STP (Straight Through Processing) • Reduce ambiguity • Increase business focus • Reduce implementation costs (& TCO) • Reduce impact of proprietary technology • Increase automation capabilities • Reduce impact of maintenance • Improve time-to-market

  9. Technical Specifications 1, 2 & 3 Parts 1 & 2 UNIFI (ISO 20022)Major components UNIFI objective = develop standardised information flows • Modelling-based standards development (UML) • Repository (data dictionary & business process catalogue) • Syntax-specific design rules (XML) • Registration process • Reverse engineering approach

  10. Understand the business Business Analysis What is the communication problem Requirements Analysis Define the solution Logical Analysis Refine the solution Logical Design Generate message formats (automated) Technical Design Technical Implementation UNIFI (ISO 20022)Standards development methodology • Three layered approach • Business-oriented • Communication needs • End-to-end view • Formal notation (UML) • Representation-neutral • Implementation-neutral • Foster reuse (dictionary) • Involve industry experts

  11. BUSINESS CONCEPTS are described with BUSINESS AREAS are derived from MESSAGE CONCEPTS support execution of use BUSINESS TRANSACTIONS DATA TYPES UNIFI (ISO 20022)Standards repository ISO 20022 Standards Repository BUSINESS PROCESS CATALOGUE DATA DICTIONARY

  12. UNIFI (ISO 20022)UML-to-XML conversion UML (class diagram) XML (schema)

  13. Registration Management Group (RMG) Securities Payments Data Dictionary Registration Authority (RA) Business Process Catalogue … Communities of users & developers ISO ISO ISO ISO ISO 20022Repository Standards Evaluation Groups (SEGs) UNIFI (ISO 20022)Registration bodies

  14. UNIFI (ISO 20022)Long term convergence goal UNIFI Registration Management Group UNIFI Users UNIFI Standards Evaluation Groups UNIFI Registration Authority ISTH UN / CEFACT (All Industries) MDDL ebXML Registry/ Repository UNIFI Financial Repository FpML Business Requests Securities under investigation SWIFT Core Components Data Dictionary TBG17 Harmo- nisation FIX Message Models Payments under investigation Common Business Processes Business Process Catalogue ISO WGs TBG5 www.iso20022.org

  15. Date Account Order Order Date Date Edifact XML SWIFT FIX FpML UNIFI (ISO 20022)Interoperability based on modelling …

  16. Compare Repository Date Account Convergence Information Order Support coexistence FIX, FpML, SWIFT, … Order Date Complete & Update Date XML UNIFI (ISO 20022)… and reverse engineering FIX, FpML, SWIFT, …

  17. UNIFI ISO20022 UNIFI (ISO 20022)Conclusion • Improving interoperability today • Registration bodies are up and running • More than twenty countries and organisations • Building for the future through ISO TC68 / WG4 • Identifying further alignment and enhancements • Active participation of organisations like OMG, UN/CEFACT, FpML, SWIFT, TWIST, MDDL, … Financial industry is achieving interoperability through UNIFI

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