Key Trends and Benefits Kiyono Hasaka & David Dobbing SWIFT - - PowerPoint PPT Presentation

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Key Trends and Benefits Kiyono Hasaka & David Dobbing SWIFT - - PowerPoint PPT Presentation

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ISO 20022 Adoption Key Trends and Benefits Kiyono Hasaka & David Dobbing SWIFT Standards Bangkok, 28 March 2013 Agenda Introduction ISO 20022 Landscape ISO 20022 Adoption by Corporates Common Global Implementation (CGI) Implementation

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ISO 20022 Adoption Key Trends and Benefits

Kiyono Hasaka & David Dobbing SWIFT Standards

Bangkok, 28 March 2013

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The Way Forward Implementation Roadmap Common Global Implementation (CGI)

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Introduction ISO 20022 Landscape ISO 20022 Adoption by Corporates Q&A

Agenda

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Introduction to SWIFT

– Member-owned cooperative – Founded in 1973 – Head office in Belgium – Over 10,000 members in 212 countries and territories – Over 1,000 corporate members – Over 4 billion messages yearly – Peak day of over 20 million messages

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The Way Forward Implementation Roadmap Common Global Implementation (CGI)

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Introduction ISO 20022 Landscape ISO 20022 Adoption by Corporates Q&A

ISO 20022 Landscape

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ISO 20022 landscape

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ISO 20022 What ? ISO 20022 Why ? ISO 20022 When ? ISO 20022 Who ? ISO 20022 Where ? ISO 20022 How?

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ISO 20022 is a recipe to build standards

ISO 20022 What ?

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ISO 20022

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Collaboration

Capture

the basic foundations of the business

Agree

  • n how to

exchange those concepts in a financial messaging context Open standard and recipe to build a common financial language

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Business model

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Definition of payment Implementation Technical XML Schema Message creation Information needed to communicate, eg, credit transfer instruction

More than just messaging! A repository …

ISO 20022 Repository Debtor InstructedAmount PaymentDate Payment CreditorAccount Creditor DebtorAccount Remittance

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XML (eXtensible Markup Language)

  • de facto standard syntax
  • Supported by major vendors
  • Off the shelf tools
  • Facilitates technical interoperability
  • Auto-validation of message instance
  • Character sets – local language support
  • Message size – there are not the same limits as MT

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An example of street address <address> <number>70</number> <street>Euston Square</ street> <city>London</city> </address>

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SWIFT and ISO 20022

SWIFT’s commitment to ISO 20022 includes

  • Responsible for the maintenance and publication of the

central repository for ISO 20022

  • New ISO standards
  • Provisioning of new standards on SWIFT network
  • Support other submitting organizations
  • Provision of development platform, middleware and

interface

  • Standards consultancy & training
  • ISO 20022 to the financial industry

Registration Authority Development Implement Promote Tools and Services

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ISO 20022 Who and Where ?

ISO 20022 is increasingly adopted by key players around the globe

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Live Planned SEPA,EU BR DK CH FED, US CPA, CA T2, EU SADC AU Zengin, JP CNAPS, CN IN Low- value High- value CIPS, CN BOJNet, JP CPA, CA NZ SG CO PE

ISO 20022 Adoption in the Payment Market

IPFA PNG

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DTCC, US [Corp Act]

JASDEC, JP [S&R]

Euroclear Clearstream T2S, EU CSD, LI CSD, PL

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CSD, EE CSD, LT ASX, AU

ISO 20022 Adoption in the Securities Market

SGX, SG

JASDEC, JP [Corp Act]

VN CN BR, CSD

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It’s all about the right standards at the right time for the right reason

ISO 20022 When ?

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– New setup: easier to opt for ISO 20022 – Existing setup using domestic / other standards: (resistance to change)

  • > opportunity to renew / transform the process

When to adopt ISO 20022?

Key considerations:

– Global Corporates’ demands – Harmonization (driven by regulation or innovation) – Renewal of legacy systems – Further automation required – Creation of new services – Interoperability with other systems/players

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ISO 20022 is a global standard that also supports local needs

ISO 20022 Why ?

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ISO 20022 Awareness Training Live Meeting V01 17

Why adopt ISO 20022 MT ISO 20022

ISO 20022 allows for more flexibility to cater for local specific needs

  • Open standards, any organizations can use the ISO 20022 recipe
  • Be aligned with the major initiatives and practices around the globe
  • Easy to implement, off the shelf tools available
  • Future-proof because of the syntax-independent model
  • Possibilities to add locally required data in a structured way
  • Message size – flexible and there are not the same limits as MT
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Community collaboration and management of local implementations

ISO 20022 How?

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How to adopt ISO 20022

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Coordinated approach: –Collaboration and best practice sharing in working groups (eg ETDA –led market initiatives) –Services to help communities migrate and implement (roadmap/creation of guidelines/mapping/etc) –Tools (MyStandards) to facilitate sharing and harmonization of market practices

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The Way Forward Implementation Roadmap Common Global Implementation (CGI)

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Introduction ISO 20022 Landscape ISO 20022 Adoption by Corporates Q&A

ISO 20022 Adoption by Corporates

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ISO 20022 Adoption by Corporates

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Over 200 different corporates are sending ISO 20022 payment messages to different banks over 30 countries worldwide today

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Source: Standard Chartered Bank 2011

ISO 20022 Adoption by Corporates (Before)

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Source: Standard Chartered Bank 2011

ISO 20022 Adoption by Corporates (After)

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SWIFT for Corporates

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http://www.swift.com/corporates

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ISO 20022 Adoption – Key Benefits

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Global Interoperability

Increased STP

Straight Through Processing

Cost Efficiency