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Evolution of Standards – ISO 20022

Evolution of Standards – ISO 20022. International Seminar on Adoption of ISO 20022 for RTGS. Stephen Lindsay – Head of Standards, SWIFT 30 th December 2013. ISO and Standards. About ISO (1/3). International Organization for Standardization Formed after World War II (in 1946)

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Evolution of Standards – ISO 20022

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  1. Evolution of Standards – ISO 20022 International Seminar on Adoption of ISO 20022 for RTGS Stephen Lindsay – Head of Standards, SWIFT 30th December 2013

  2. ISO and Standards Presentation title – dd month yyyy – Confidentiality: xxx

  3. About ISO (1/3) • International Organization for Standardization • Formed after World War II (in 1946) • 65 delegates from 25 countries met in London to discuss standardization About the name: Because 'International Organization for Standardization' would have different acronyms in different languages (IOS in English, OIN in French for Organisationinternationale de normalisation), our founders decided to give it the short form ISO. ISO is derived from the Greek isos, meaning equal. Whatever the country, whatever the language, the short form of our name is always ISO.

  4. About ISO (2/3) • Federation of 164 National Standards Bodies (NSBs), e.g.: • Bureau of Indian Standards (BIS/India) • British Standards Institute (BSI/UK) • American National Standards Institute (ANSI/US) • Formal liaison with 700 international/regional organisations, such as UN, WTO, WCO, OECD, BIS, WB, ICC, CE, EC • 150 staff based in Geneva and 50,000 volunteers from NSBs and liaison organisations involved in 730 committees (agriculture, industry, health, services, etc.) • 19,500 international standards, 65 with a Registration Authority (RA) • TC68 – Financial Services: 31 NSBs, 51 standards (9 with an RA), 13 liaison organisations (ANNA, UN/CEFACT, ECB, EPC, Clearstream, Euroclear, FIX, ISDA, ISITC, SWIFT, Mastercard, Visa, ITU)

  5. About ISO (3/3) National Standards Bodies (BIS, BSI, ANSI, AFNOR, DIN, UNI, etc) 163 Countries General Assembly Central Secretariat Council Technical Management Board (TMB) TC 68 Financial Services 224 Technical Committees TC TC TC 513 Subcommittees SC 4 Securities SC 2 Security SC 7 Banking WG4 & 5 ISO 20022 WG 6 LEI WG WG WG WG WG WG WG WG WG 2,516 Working Groups

  6. Some key ISO standards managed by TC68 and its subcommittees SC4 & SC7 Presentation title – dd month yyyy – Confidentiality: xxx

  7. SWIFT & ISO Messaging Standards Timeline Presentation title – dd month yyyy – Confidentiality: xxx

  8. About ISO 20022 • Grew out of ISO 15022: • Notion of re-usable components (financial dictionary) • Broader scope (all financial services) • Syntax independent • Extensible • Methodology • A ‘recipe’ for making financial messaging standards • Latest version ISO 20022:2013 • Content • Business Model • Collection of message definitions Presentation title – dd month yyyy – Confidentiality: xxx

  9. The ISO 20022 Methodology • Published in 8 parts by ISO • Implemented by Registration Authority The methodology distinguishes 3 layers: Presentation title – dd month yyyy – Confidentiality: xxx

  10. Methodology - Business / Conceptual Layer Presentation title – dd month yyyy – Confidentiality: xxx

  11. Methodology - Logical Layer Elements in the Logical Layer refer to the Business / Conceptual layer for their definitions Presentation title – dd month yyyy – Confidentiality: xxx

  12. Methodology - Physical Layer XML • The commonest syntax for ISO 20022 but not the only one • Defined by an XML Schema (XSD) • Easy to integrate in modern IT environments Presentation title – dd month yyyy – Confidentiality: xxx

  13. Content – www.iso20022.org (1/2) Presentation title – dd month yyyy – Confidentiality: xxx

  14. Content – www.iso20022.org (2/2) Presentation title – dd month yyyy – Confidentiality: xxx

  15. ISO 20022 Governance • Technical Committee 68 (TC68) [Conv.: K. McKenna] • Registration Management Group (RMG) [Conv.: J. Whittle] • Submitters of new messages and maintenance requests • Registration Authority (RA) • Technical Support Group (TSG) • Standards Evaluation Groups (SEGs) • Payments • Securities • Cards • FX • Trade Services Presentation title – dd month yyyy – Confidentiality: xxx

  16. Presentation title – dd month yyyy – Confidentiality: xxx

  17. Presentation title – dd month yyyy – Confidentiality: xxx

  18. How to become a member of the RMG, SEGs or TSG? • RMG members are nominated by participating member* countries and category ‘A' liaison organizations of ISO TC68 or one of its subcommittees. • SEG and TSG members are nominated by participating and observer member countries or any category of liaison organization of ISO TC68 or one of its subcommittees. Nominations must be addressed to the ISO TC68 secretariat by the national standards body of the country or by the liaison organization that the member represents. * India/BIS is a participating member in TC68. Presentation title – dd month yyyy – Confidentiality: xxx

  19. For more information see the TC68 Homepage Presentation title – dd month yyyy – Confidentiality: xxx

  20. ISO 20022 Adoption Presentation title – dd month yyyy – Confidentiality: xxx

  21. ISO 20022 Adoption – Payments MI & initiativesFrom discussion to implementation CPA, CA DK CPA, CA SEPA,EU UK CH Live Live Live Live Zengin, JP T2, EU US US – retail division of FRB BOJNet, JP PL CNAPS2, CN US CO IN BN PE PG BR SG SADC CL AU IPFA IPFA ZA NZ High-value Low-value Hybrid

  22. Status overview – Payments MI

  23. ISO 20022 in the corporate-to-bank space More than 60 banksreceiving payment initiationmessages(over SWIFT) Around70 members(corporates and banks)definingcommon global implementationguidelines

  24. ISO 20022 Adoption ‘mApp’ for iPad Presentation title – dd month yyyy – Confidentiality: xxx

  25. Why adopt ISO 20022? a global standard to meet local needs ISO 20022 allows for more flexibility than MT to cater for local/specific needs: • Implementation guidelinesformal way to express market practice • Extensions • Right tools and services available to manage flexibility ISO 20022 Awareness Training Live Meeting V01

  26. Who (and what) is driving ISO 20022 adoption? • New initiatives • Market infrastructures • Global harmonization & regulation (e.g. SEPA in Europe) • Automation in specific markets (e.g. the ‘investment funds’ market) • New players • Corporates, fund managers • New technology • XML, SOA, web services

  27. How to adopt ISO 20022?Managing diverging local implementations • Is a risk – but still better - Coordinationthrough workinggroup defining HVP implementationguidelines • Best practice sharing • Tools allow to harmonize MyStandards • Mitigate risks A risk that can be mitigated by a coordinated approach: • Collaboration and best practice sharing in working groups (e.g. HVP implementation guidelines) • Services to help communities migrate and implement (roadmap/creation of guidelines/mapping/etc) • Tools to facilitate sharing and harmonization

  28. Case Study: SEPA (1/2) • Goal • A single ‘domestic market’ for retail euro payments • 33 countries – not all part of euro area or EU • Principal instruments: Credit Transfer and Direct Debits • Replace country-specific retail payment schemes • Replace domestic standards with ISO 20022 • Bank-to-Bank • Corporate-to-Bank • Bank-to-bank, cross-border: live 2008 • Corporate-to-bank, domestic: end-date Feb 2014 Presentation title – dd month yyyy – Confidentiality: xxx

  29. Case Study: SEPA (2/2) • First major implementation of ISO 20022 • First phase successful, subsequent phases still ongoing • Lessons learned: • Importance of clear governance and ownership • Need to involve all stakeholders • Communication – clear and consistent messages • Consider impact on legacy systems • Clear market practice – formally defined Presentation title – dd month yyyy – Confidentiality: xxx

  30. SWIFT’s role(s) in ISO 20022 • Inventor of ISO 20022 • Principal submitter (80%+ of content submitted by SWIFT Standards) • Registration Authority • Members of: • TC68, SC2, SC4, SC7 • RMG • SEGs • TSG Presentation title – dd month yyyy – Confidentiality: xxx

  31. SWIFT’s ISO 20022-related services • Consulting services for submitters • Adoption and implementation consulting • Standards tools and technology (MyStandards) • Network provider: • Connectivity • Value-added services • Integration • Testing • Validation • Copy services Presentation title – dd month yyyy – Confidentiality: xxx

  32. Any Questions? Presentation title – dd month yyyy – Confidentiality: xxx

  33. Thank you Presentation title – dd month yyyy – Confidentiality: xxx

  34. Backup (Securities Adoption) Presentation title – dd month yyyy – Confidentiality: xxx

  35. ISO 20022 Adoption – Securities MI & Treasury MI – From discussion to implementation CSD, EE T2S, EU NSD, RU CSD, PL Euroclear CSD, LT JASDEC, JP[Post-trade] VP Sec DK CSD, LI DTCC, US Live Live Live Live Live VPLux CN JASDEC & TSE, JP[Corp.Act] Clearstream VN SGX, SG BN ANBIMA, BR ASX, AU CLS BR, CSD Securities MI Treasury MI

  36. Status overview – Securities & Treasury MI

  37. ISO 20022 Adoption – Funds (live traffic Jan-Oct 2012) SE FI NO GB EE NL DE IE BE LU CH US FR ES KR GR IT HK TW BM SG AU

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