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ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme ISO 20022 ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme ISO 20022 (UNIFI) ISO_20022_LV_v 42 Slide 1

Agenda < < < ISO 20022: – value proposition – the standard – the Agenda < < < ISO 20022: – value proposition – the standard – the actors – the registration process – the Repository ISO 20022 registration platform Cross industry harmonisation Interoperability within the financial industry Q&A ISO_20022_LV_v 42 Slide 2

The ISO 20022 value proposition (1/5) Objective To enable communication interoperability between financial institutions, The ISO 20022 value proposition (1/5) Objective To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities Major obstacle Numerous overlapping standardisation initiatives looking at XML financial messages: MDDL, FIX, Fin. XML, VRXML, RIXML, XBRL, Fp. ML, IFX, TWIST, SWIFT, Rosetta. Net, OAGi, ACORD, CIDX, etc. ISO_20022_LV_v 42 Slide 3

The ISO 20022 value proposition (2/5) Proposed solution A single standardisation approach (methodology, process, The ISO 20022 value proposition (2/5) Proposed solution A single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives ISO 20022 ISO_20022_LV_v 42 Slide 4

The ISO 20022 value proposition (3/5) Convergence into ONE standard is the long term The ISO 20022 value proposition (3/5) Convergence into ONE standard is the long term objective…. …but in the interim several standards need to coexist to enable quick response to competitive pressures and regulatory demands ISO_20022_LV_v 42 Source: John Mersberg, IBM Corporation Slide 5

The ISO 20022 value proposition (4/5) Growth adds exponential complexity and expense… EDIFACT IFX The ISO 20022 value proposition (4/5) Growth adds exponential complexity and expense… EDIFACT IFX OAGi TWIST ISO_20022_LV_v 42 Rosetta. Net Without common building blocks: • Point-to-point connection SWIFT • Data is mapped directly from one application to another Proprietary • Costly, unscalable and difficult to implement and format maintain • Process, routing, rules logic needs to be coded to specific message types 42 interfaces = n * (n-1) Source: John Mersberg, IBM Corporation Slide 6

The ISO 20022 value proposition (5/5) Standardised implementation reduces cost, time to effect change The ISO 20022 value proposition (5/5) Standardised implementation reduces cost, time to effect change and improves overall performance… EDIFACT Rosetta. Net IFX OAGi TWIST Canonical Message Model (i. e. ISO 20022) Canonical message model = SWIFT • True process integration • Reduced brittleness, faster to Proprietary respond to change • Shared message services – format single/shared parser, message independent rules engine, etc. • Unified monitoring / audit trail 14 interfaces = n * 2 ISO 20022 aims at long term convergence, while facilitating short term coexistence… ISO_20022_LV_v 42 Source: John Mersberg, IBM Corporation Slide 7

ISO 20022 Illustrating business modelling Date nt u Acco r Orde All institutions have ISO 20022 Illustrating business modelling Date nt u Acco r Orde All institutions have their own sets of data objects ISO standardises common data objects… r Date Orde Date … can be ‘transformed’ in message formats in the desired syntax ISO 15022 EDIFACT XML ISO_20022_LV_v 42 …and groups them into ‘syntaxneutral’ message models, which. . . FIX Slide 8

The ISO 20022 recipe Major ingredients (1/2): < Modelling-based standards development - Syntax-independent business The ISO 20022 recipe Major ingredients (1/2): < Modelling-based standards development - Syntax-independent business standard - Validated by the industry < Syntax-specific design rules for XML - Predictable and ‘automatable’ - Protect standard from technology evolution < Reverse engineering approach - Protect industry investment and ease interoperability - Prepare for future migration ISO_20022_LV_v 42 Slide 9

The ISO 20022 recipe Major ingredients (2/2): < Development / registration process - Clearly The ISO 20022 recipe Major ingredients (2/2): < Development / registration process - Clearly identified activities and roles - Business experts and future users involved upfront - Technical experts involved when required < Repository on the ISO 20022 website - Business Process Catalogue & Data Dictionary - Outside of official standard (maintained by registration bodies) www. iso 20022. org ISO_20022_LV_v 42 Slide 10

The five parts of ISO 20022 Part 1: International Standard: Overall methodology and format The five parts of ISO 20022 Part 1: International Standard: Overall methodology and format specifications for inputs to and outputs from the ISO 20022 Repository Part 2: International Standard: Roles and responsibilities of the registration bodies Part 3: Technical Specification: ISO 20022 modelling guidelines Part 4: Technical Specification : ISO 20022 XML design rules Part 5: Technical Specification: ISO 20022 reverse engineering Copies can be obtained from www. iso. org ISO_20022_LV_v 42 Slide 11

ISO 20022 – The actors (1/2) Submitting organisations Communities of users or organisations that ISO 20022 – The actors (1/2) Submitting organisations Communities of users or organisations that want to develop ISO 20022 compliant messages to support their financial transactions Could be CBI Consortium Clearstream CLS EPAS Euroclear FIX Fp. ML IFX ISITC ISTH MDDL OAGI Omgeo SWIFT TWIST TBG 5 4 CB Etc. Reasons Creation of a new set of ISO 20022 messages to support a specific transaction Update of existing ISO 20022 message sets to accommodate the evolution of the business ISO_20022_LV_v 42 Slide 12

ISO 20022 – The actors (2/2) < Registration Management Group, RMG – Overall governance ISO 20022 – The actors (2/2) < Registration Management Group, RMG – Overall governance / court of appeal – Approve business justifications for new standards – Create Standards Evaluation Groups (SEGs) < Standards Evaluation Groups, SEGs – Represent future users of specific financial areas – Validate message standards < Registration Authority, RA – Ensure compliance – Maintain and publish ISO 20022 Repository < Technical Support Group, TSG – Assist RMG, SEGs, RA and submitting organisations ISO_20022_LV_v 42 Slide 13

ISO 20022 The registration process (1/3) R M G Submitter Financial industry group or ISO 20022 The registration process (1/3) R M G Submitter Financial industry group or standards body Business justification RMG m o n i t o r s SEG Submitter & RA SEG RA Submitter & users Project approval & allocation to a SEG Endorsement of scope and developers Development & provisional registration Business validation Official registration and publication Optional pilot testing or first implementers Repository Dictionary Catalogue www. iso 20022. org ISO_20022_LV_v 42 Slide 14

ISO 20022 The registration process (2/3) R M G Submitter Financial industry group or ISO 20022 The registration process (2/3) R M G Submitter Financial industry group or standards body Business justification RMG m o n i t o r s SEG Submitter & RA SEG RA Submitter & users Project approval & allocation to a SEG Endorsement of scope and developers Candidate ISO 20022 messages Development & provisional registration Business validation ISO 20022 messages Official registration and publication Optional pilot testing or first implementers Repository Dictionary Catalogue www. iso 20022. org ISO_20022_LV_v 42 Slide 15

ISO 20022 The registration process (3/3) ISO 20022 Registration Management Group Business justification ISO ISO 20022 The registration process (3/3) ISO 20022 Registration Management Group Business justification ISO 20022 Standards Evaluation Groups ISO 20022 Registration Authority ISTH Omgeo ISO 20022 Financial Repository Data Dictionary ISO 20022 messages Business Process Catalogue Business models Securities Payments CLS SWIFT ISO 20022 Users Candidate ISO 20022 messages Trade Services Euroclear Forex ISITC ACBI www. iso 20022. org Cards ISO_20022_LV_v 42 Slide 16

ISO 20022 – The Financial Repository Data Dictionary - Business Concepts - Message Concepts ISO 20022 – The Financial Repository Data Dictionary - Business Concepts - Message Concepts - Data Types Business Process Catalogue - Financial business process models - Financial business transactions, including messages - XML message schemas www. iso 20022. org ISO_20022_LV_v 42 Slide 17

Continuing with today’s agenda ISO 20022 registration platform ISO_20022_LV_v 42 Slide 18 Continuing with today’s agenda ISO 20022 registration platform ISO_20022_LV_v 42 Slide 18

ISO 20022 - The deployment < Approval of the international standard < Selection of ISO 20022 - The deployment < Approval of the international standard < Selection of the Registration Authority < Set-up of www. iso 20022. org < Creation of Registration Management Group < Creation of the first Standards Evaluation Groups < Registration and publication of first ‘ISO 20022 messages’ Ongoing: promotion to developers (standardisers, industry bodies) and users (vendors, end-users) ISO_20022_LV_v 42 Slide 19

ISO 20022 – How does it fit into the ISO structure? ISO Technical Committee ISO 20022 – How does it fit into the ISO structure? ISO Technical Committee TC 68 Financial Services SC 2 SC 4 SC 7 Security Securities Banking RMG members nominated by P-member countries and Aliaison organisations TSG & SEG members nominated by all member countries and liaison organisations TSG RA SEG Securities SEG Trade Services SEG Payments SEG Cards ISO_20022_LV_v 42 WG 4 ISO 20022 Review ISO 20022 RMG SEG FX Slide 20

ISO 20022 Registration Management Group < Members - 64 senior managers from: – 19 ISO 20022 Registration Management Group < Members - 64 senior managers from: – 19 countries: AT, AU, BR, CA, CH, DE, DK, FI, FR, GB, IT, JP, KR, LU, NL, NO, SE, US, ZA. – 12 liaison organisations: Clearstream, ECB, Euroclear, FISD, FPL, Fp. ML, IFX, ISITC, SWIFT, TWIST, UN/CEFACT/TBG 5, VISA < Convener: Gerard Hartsink, ABN Amro (NL); Vice-convener: Bob Blair, JPMorgan Chase (US); Secretary: Cynthia Fuller, X 9 (US) < Meetings: twice a year < Key decisions: – Creation of five SEGs: Payments and Securities in 2005, Trade Services and Forex SEGs in 2006, Cards & Related Retail Financial Services in 2008 – Approval of 36 development projects ISO_20022_LV_v 42 Slide 21

ISO 20022 – The Payments SEG (1/3) < Members – 48 experts – 15 ISO 20022 – The Payments SEG (1/3) < Members – 48 experts – 15 countries: AT, AU, CH, DE, DK, FI, FR, GB, IT, JP, NL, NO, SE, US, ZA – 5 liaison organisations: Euroclear, IFX, SWIFT, TWIST, UN/CEFACT/TBG 5 < Convener: Len Schwartz, ABN Amro (NL); Vice-convener: Bob Blair, JP Morgan Chase (US); Secretary: Deb Hjortland, FRB (US) < Approved: C 2 B payment initiation (SWIFT/ISTH), Interbank credit transfers and direct debits (SWIFT), Exceptions and investigations (SWIFT), B 2 C advice & statement (ISTH/ISITC) < Under evaluation: E-mandates (SWIFT) < Next: Change/verify account identification (GUF), Cash management (SWIFT), Creditor payment activation request (CBI Consortium), Bank account management (SWIFT) ISO_20022_LV_v 42 Slide 22

ISO 20022 – The Payments SEG (2/3) covering instruments such as: Payments covering actors ISO 20022 – The Payments SEG (2/3) covering instruments such as: Payments covering actors such as: Credit transfers Cheque s Direct debits Private & corporate customers Payment ‘factories’ ISO_20022_LV_v 42 Financial institution s Clearing houses & RTG systems Central banks Slide 23

ISO 20022 – The Payments SEG (3/3) including business areas such as: Clearing & ISO 20022 – The Payments SEG (3/3) including business areas such as: Clearing & settlement Payment initiation Communications between the ordering customer and its bank, etc. Payments Cash management between various actors: Account opening, standing orders, transaction and account information, advices & statements from … ISO_20022_LV_v 42 Interbank transfers via correspondent banking or ACHs, high value payments, low value bulk payments, RTGS, etc. . the account servicing institutions to account owners, including reporting from the financial institution… …to the ordering & beneficiary customers, reconciliation, exceptions & investigations handling. Slide 24

ISO 20022 – The Securities SEG (1/3) < Members – 69 experts – 18 ISO 20022 – The Securities SEG (1/3) < Members – 69 experts – 18 countries: AU, BR, CA, CH, DE, DK, FI, FR, GB, IE, JP, LU, NL, NO, SE, TR, US, ZA – 8 liaison organisations: Clearstream, ECB, Euroclear, ISDA/Fp. ML, ISITC, FISD, FPL, SWIFT < Convener: Kevin Wooldridge, Standard Logic (UK); Vice-convener: Didier Hermans, Euroclear; Secretary: Chad Spitler, BGI < Approved: Investment funds (SWIFT), Transaction regulatory reporting (SWIFT), Proxy voting (SWIFT), Issuer’s agents communication for CA (Euroclear) < Under evaluation: Pre-trade/trade (SWIFT/FPL), Fund processing passport report (SWIFT), Corporate actions (SWIFT), Settlement & reconciliation (SWIFT) < Next: Total portfolio valuation statement (ISITC), Post-trade (SWIFT/Omgeo), Registration & holder identification (Euroclear), Market claims & automatic transformations (Euroclear), Securities issuance (Euroclear), Triparty collateral management (SWIFT), Alternative funds (SWIFT) , Modification/replace & allegement response (SWIFT) ISO_20022_LV_v 42 Slide 25

ISO 20022 – The Securities SEG (2/3) covering instruments such as: Securities covering actors ISO 20022 – The Securities SEG (2/3) covering instruments such as: Securities covering actors such as: Equities Fixed income Funds Derivatives ISO_20022_LV_v 42 Investment managers, distributors, transfer agents, fund administrator s Market Data Providers Stock exchanges , ETC providers Service bureaux Broker / dealers Custodians Regulators CSDs, ICSDs Clearing houses, CCPs Slide 26

ISO 20022 – The Securities SEG (3/3) including business areas such as: Securities Issuance ISO 20022 – The Securities SEG (3/3) including business areas such as: Securities Issuance Trade Initiation , pretrade Trade, posttrade Securities management Account opening, standing orders, transaction and account information, advices & statements, queries & investigations ISO_20022_LV_v 42 Collateral management Collateral, repos, securities lending & borrowing Clearing & settlemen t Custody Income, corporate actions, market data, proxy voting Slide 27

Looking at the advantages ISO 20022 brings over ISO 15022 ISO 20022: < Builds Looking at the advantages ISO 20022 brings over ISO 15022 ISO 20022: < Builds on the ISO 15022 data dictionary concept and registration infrastructure, but strengthens the monitoring by the industry < Uses a more robust, syntax independent development methodology based on UML modelling of business processes and transactions < Uses XML as the syntax for the actual physical messages < Has a wider scope than ISO 15022, which is only for securities messages < Is in line with directions taken by other industries (UN/CEFACT) Syntax independent business modelling is key to the ISO 20022 standard ! ISO_20022_LV_v 42 Slide 28

ISO 20022 – The FX SEG (1/3) < Members – 27 experts – 12 ISO 20022 – The FX SEG (1/3) < Members – 27 experts – 12 countries: AU, CA, CH, FI, FR, GB, NL, NO, SE, TR, US, ZA – 4 liaison organisations: FISD, FPL, ISITC, SWIFT < Convener: Ludy Limburg, ABN Amro (NL); Vice-convener: Tony Smith, JP Morgan Chase (UK); Secretary: Joshua Derrick, SWIFT < Kick-off meeting: in September 2006 < Approved: Forex notifications (CLS) ISO_20022_LV_v 42 Slide 29

ISO 20022 – The FX SEG (2/3) covering instruments such as: Foreign e. Xchange ISO 20022 – The FX SEG (2/3) covering instruments such as: Foreign e. Xchange Trading portals, matching services providers covering actors such as: Spot Swaps Forward Investment managers Currency Options ISO_20022_LV_v 42 Hedge funds Custodians Dealers Money brokers CLS and CLS settlement members Application providers Industry associations (ISDA) Slide 30

ISO 20022 – The FX SEG (3/3) including business areas such as: Pre-trade: IOI, ISO 20022 – The FX SEG (3/3) including business areas such as: Pre-trade: IOI, quotes, etc. Trade: order, execution, allocation, affirmation , etc. Foreign e. Xchange Notification of trades to third parties ISO_20022_LV_v 42 Trigger events, option exercises Post-trade: confirmation, matching, assignment, novation, etc. Clearing and Settlement, including netting and related reporting Slide 31

ISO 20022 The Trade Services SEG (1/3) < Members – 27 experts – 13 ISO 20022 The Trade Services SEG (1/3) < Members – 27 experts – 13 countries: AU, CA, CH, DE, DK, FI, FR, GB, IS, IT, NL, US, ZA – 2 liaison organisations: ISITC, SWIFT < Convener: Katja Lehr, IFSA (US); Vice-convener: Peter Potgieser, ABN Amro (NL); Secretary: Jim Wills, SWIFT < Kick-off meeting: in September 2006 < Approved: Invoice Financing Request (CBI Consortium), Trade Services Management (SWIFT) < Next: e-Invoice (UN/CEFACT/TBG 5) ISO_20022_LV_v 42 Slide 32

ISO 20022 The Trade Services SEG (2/3) covering products… Trade Services Collection …and services ISO 20022 The Trade Services SEG (2/3) covering products… Trade Services Collection …and services such as: Documentar y credit Letter of credit Open Account Trading e-Invoicing Guarantee Purchase order, transport documents ISO_20022_LV_v 42 Reconciliation (A/R, A/P), remittance data EBPP Invoice financing Pre/postshipment financing & factoring Slide 33

ISO 20022 The Trade Services SEG (3/3) including actors such as: Private and corporate ISO 20022 The Trade Services SEG (3/3) including actors such as: Private and corporate customers (treasurers) Financial Institutions Trade Services Risk managemen t entities ISO_20022_LV_v 42 Application providers Associations providing rules and master agreements (eg IFSA, ICC) Trade facilitators: chambers of commerce, insurance co, freight forwarders, carriers, customs, factoring co Slide 34

ISO 20022 – The Cards & Related Retail Financial Services SEG (1/3) < Members ISO 20022 – The Cards & Related Retail Financial Services SEG (1/3) < Members – 23 experts – 10 countries: AT, AU, CH, DE, FI, FR, GB, NL, SE, US – 3 liaison organisations: IFX, Mastercard, VISA < Convener: Chris Starr, APACS (GB); Vice-convener: vacant; Secretary: Reinhard Herwig, SRC (DE) < Kick-off meeting: on 23 -24 October 2008 < Next: ATM interface for transaction processing and ATM management (IFX Forum), Card Payments Exchanges (EPAS Consortium) ISO_20022_LV_v 42 Slide 35

ISO 20022 – The Cards & Related Retail Financial Services SEG (2/3) covering instruments… ISO 20022 – The Cards & Related Retail Financial Services SEG (2/3) covering instruments… Cards and Retail …and actors as: Debit card Charge and credit card Prepaid card Card holder Hard- and Software providers Acceptor (merchant, retailer) Card issuer Card scheme Acquirer ISO_20022_LV_v 42 Intermediar y agent Slide 36

ISO 20022 – The Cards & Related Retail Financial Services SEG (3/3) including business ISO 20022 – The Cards & Related Retail Financial Services SEG (3/3) including business areas such as: Transactions between acquirers and card issuers ATM processes such as authorization, processing, ATM management and inventory ISO_20022_LV_v 42 Transactions between merchants and acquirers, and cardholders and issuers that support authorization, clearing, reversal, chargeback, dispute processing, etc. Similar messages transacted on internet or from mobiles or other personal devices POI messages for payments, administrative and device related services Slide 37

ISO 20022 – Technical Support Group < Members – 24 experts – 9 countries: ISO 20022 – Technical Support Group < Members – 24 experts – 9 countries: BR, CN, FI, FR, GB, JP, NL, US, ZA – 4 liaison organisations: FPL, Mastercard, SWIFT, VISA < Convener: Derek Lasalle, JP Morgan Chase (US); Viceconvener: Paul Hojka, APACS (GB); Secretary: Kris Ketels, SWIFT < Kick-off meeting: on 23 -24 October 2008 < Mission: help RMG, RA, SEGs and Submitting Organisations with technical matters ISO_20022_LV_v 42 Slide 38

Continuing with today’s agenda ISO 20022 Cross-industry harmonisation ISO_20022_LV_v 42 Slide 39 Continuing with today’s agenda ISO 20022 Cross-industry harmonisation ISO_20022_LV_v 42 Slide 39

Harmonising across all industries with UN/CEFACT United Nations/CEFACT – Centre for trade facilitation and Harmonising across all industries with UN/CEFACT United Nations/CEFACT – Centre for trade facilitation and e-business < Created in 1997 to improve world-wide co-ordination of trade facilitation across all industries < Focusing on international standards for electronic transactions (e. g. , eb. XML venture with OASIS) < Promoting technology neutral business modelling and a central repository of core components Goal is to establish interoperability between ISO 20022 and UN/CEFACT repositories ISO_20022_LV_v 42 Slide 40

Harmonisation between ISO and UN/CEFACT < < < 2004: – TC 68, TBG 5 Harmonisation between ISO and UN/CEFACT < < < 2004: – TC 68, TBG 5 and SWIFT sign a cooperation agreement to investigate alignment in line with the objectives of the ‘Mo. U on e-Business’ – A workplan is agreed between the signatories 2005: – Recommendation for alignment of methodologies – Trial submission from ISO 20022 to UN/CEFACT 2006: – WG 4 takes over technological alignment 2007: – First official submission from ISO 20022 to UN/CEFACT – Project of submission from UN/CEFACT to ISO 20022 2008: – Customer-to-bank payment components harmonised and accepted in UN/CEFACT core component library ISO_20022_LV_v 42 Slide 41

A single ISO-UN/CEFACT approach ISO 20022 Registration Management Group ISO 20022 Standards Evaluation Groups A single ISO-UN/CEFACT approach ISO 20022 Registration Management Group ISO 20022 Standards Evaluation Groups ISO 20022 Registration Authority UN / CEFACT (All Industries) ISO 20022 Users ISTH Omgeo UN/CEFACT Registry/ Repository Core Components Common Business Processes ISO 20022 Financial Repository TBG 5 Finance and TBG 17 Harmonisation Data Dictionary Business Process Catalogue Securities Business Requests Message Models CLS Payments SWIFT Trade Services Euroclear Forex ISITC ACBI www. iso 20022. org Cards ISO_20022_LV_v 42 Slide 42

Continuing with today’s agenda ISO 20022 Interoperability within the financial industry ISO_20022_LV_v 42 Slide Continuing with today’s agenda ISO 20022 Interoperability within the financial industry ISO_20022_LV_v 42 Slide 43

Working towards interoperability and convergence IFX format Proprietary format Bank A Bank B Customer Working towards interoperability and convergence IFX format Proprietary format Bank A Bank B Customer A SWIFT MT 101 Bank C Let us look at one concrete example from payments area: a customer may need to adapt to the format of the banks… ISO_20022_LV_v 42 Slide 44

Working towards interoperability and convergence Customer A IFX format Proprietary format Bank A Customer Working towards interoperability and convergence Customer A IFX format Proprietary format Bank A Customer B SWIFT MT 101 Customer C …or banks may need to accept many formats… ISO_20022_LV_v 42 Slide 45

Working towards interoperability and convergence Proprietary TWIST ISO 20022 Core Payment Kernel model SWIFT Working towards interoperability and convergence Proprietary TWIST ISO 20022 Core Payment Kernel model SWIFT MT OAGi IFX The reverse engineering produces a canonical ISO 20022 message model and ‘convergence tables’ ISO_20022_LV_v 42 Slide 46

Working towards interoperability and convergence IFX Core Payment Kernel MT MT 1 01 IS Working towards interoperability and convergence IFX Core Payment Kernel MT MT 1 01 IS 101 IFX O 20 02 2 Core Payment Kernel Adopting ISO 20022 facilitates convergence and co-existence ISO_20022_LV_v 42 Slide 47

www. iso 20022. org uestions & A nswers iso 20022 ra@iso 20022. org ISO_20022_LV_v www. iso 20022. org uestions & A nswers iso 20022 [email protected] 20022. org ISO_20022_LV_v 42 Slide 48