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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_v29

  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_v29

  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_v29

  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_v29

  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:CBI Consortium, FIX, FinXML, VRXML, RIXML, FpML, IFX Forum, TWIST, SWIFT, RosettaNet, OAGi, ACORD, ISTH, XBRL, EPAS Consortium, etc. • Market Infrastructures (MIs): DTCC, FED, EBA, Target, CLS, Euroclear, Omgeo, ECB, etc. • International or national standards setters: ISITC, ISO TC68 WGs, UN/CEFACT TBG5, OMG, EPC, etc. There are also catalysts for interoperability and convergence, such as SEPA, Giovannini,MiFID, e-Invoicing ISO_20022_SV_v29

  6. ISO 20022 The registration bodies • Registration Management Group - RMG (Overall governance) • 69 senior managers from 21 countries and 12 international organisations • Standards Evaluation Groups – SEGs (User representatives) • Payments (52 experts,17 countries, 5 organisations) • Securities (74 experts, 19 countries, 8 organisations) • Forex (30 experts, 14 countries, 4 organisations) • Trade (25 experts, 13 countries, 2 organisations) • Cards and related retail financial services (26 experts, 12 countries, 3 organisations) • Technical Support Group – TSG (ISO 20022 technical advisors) • 28 experts from 11 countries and 5 international organisations • Registration Authority – RA (Maintaining ISO 20022 repository) ISO_20022_SV_v29

  7. Financial organisation or standards body Submitter Business justification Business justification Project approval & allocation to a SEG RMG Development & provisional registration Submitter & RA SEG RA Repository Dictionary Catalogue ISO 20022 The registration 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_v29

  8. The ISO 20022 recipe is used! (1/10)Payments Direct Debits / Credit Transfers Exceptions & Investigations Creditor’s financial institution Debtor’sfinancial institution Mandates Change/Verify Account Identification Creditor Payment Activation Request Cash Management ISO 20022 Exceptions & Investigations Bank Account Management Creditor Payment Activation Request Change/Verify Account Identification Advice & Statement Cash Management Mandates Creditor Payment Activation Request Exceptions & Investigations Advice & Statement Credit Transfer Initiation Direct Debit Initiation Candidate ISO 20022 (in development) Cash Management Debtor Creditor ISO_20022_SV_v29

  9. The ISO 20022 recipe is used! (2/10)Payments message portfolio is growing! • 37 ISO 20022 messages approved and published: • Customer payment initiation • Interbank payment clearing and settlement • Payments exceptions & investigations • Bank-to-customer cash management • Mandates • Change/verify account identification • 21 Candidate ISO 20022 messages under evaluation: • Bank account management • Creditor payment activation request • Candidate ISO 20022 messages approved for development: • Cash management • Cash account reporting request & notification messages • New development proposals: • Remittance advice messages • Cash lodgement and withdrawal data management ISO_20022_SV_v29

  10. The ISO 20022 recipe is used! (3/10)Cards and related retail financial services • ISO 20022 messages approved and published: • none • Candidate ISO 20022 messages under evaluation: • none • Candidate ISO 20022 messages approved for development: • ATM interface for transaction processing and ATM management • Card payments exchanges (CAPE) • Acquirer to issuer card messages (ATICA) • New development proposal: • none ISO_20022_SV_v29

  11. The ISO 20022 recipe is used! (4/10)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) Corporate Actions Proxy Voting (SWIFT) Settlement (SWIFT) Settlement (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 Registration Communication (Euroclear) Issuers’ Agent Communication (Euroclear) Market Claims (Euroclear) Corporate Actions (SWIFT) Issuers’ Agent Registrar ISO_20022_SV_v29

  12. The ISO 20022 recipe is used! (5/10)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 FPP report user, e.g. Fund distributor Request for Fund Report FPP Report Investment manager FPP report provider, e.g. Fund manager ISO 20022 Candidate ISO 20022 (in development) ISO_20022_SV_v29

  13. The ISO 20022 recipe is used! (6/10)Securities message portfolio is growing! • 103 ISO 20022 messages approved and published: • Investment funds distribution • Securities transaction regulatory reporting • Proxy voting • Issuers’ agents communication • Fund processing passport report • Candidate ISO 20022 messages under evaluation: • Securities pre-trade/trade • Securities settlement and reconciliation • Securities corporate actions • Candidate ISO 20022 messages approved for development: • Total portfolio valuation statement • Securities registration and holder identification • Securities market claims and automatic transformation • Securities issuance • Triparty collateral management • Alternative funds • Securities post-trade • Settlement modification/replace and allegement response • TARGET2-Securities • CCP Clearing • New development proposals: none ISO_20022_SV_v29

  14. FX order Interest rate swaps Foreign exchange and currency options Loans and deposits The ISO 20022 recipe is used! (7/10)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_v29

  15. The ISO 20022 recipe is used! (8/10)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: • none • New development proposals: • none ISO_20022_SV_v29

  16. TSU The ISO 20022 recipe is used! (9/10)Trade Services e-Invoice Seller’s bank Buyer’s bank Trade Services Management Trade Services Management Invoice Financing Request e-Invoice EBPP ISO 20022 Candidate ISO 20022 (in development) Seller Buyer ISO_20022_SV_v29

  17. The ISO 20022 recipe is used! (10/10)Trade message portfolio is growing! • 53 ISO 20022 messages approved and published: • Invoice financing request • Trade services management • Candidate ISO 20022 messages under evaluation: • none • Candidate ISO 20022 messages approved for development: • E-invoice • New development proposals: • none ISO_20022_SV_v29

  18. www.iso20022.org uestions & Answers iso20022ra@iso20022.org ISO_20022_SV_v29

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