UN/CEFACT Plenary Geneva, 16 - 17 September 2008 SWIFT, ISO 20022 and UN/CEFACT David Dobbing SWIFTStandards Slide 1
What is SWIFT? A co-operative organisation serving the financial industry A provider of highly secure financial messaging services A standardisation body for the financial industry Slide 2
SWIFT business dimensions Heritage • Established in 1973 by 239 banks in 15 countries • Developed shared messaging platform for financial transactions • Emphasis on security, reliability and availability Understanding • Serving 8, 300 financial institutions across 208 countries • Payments, Securities, Foreign Exchange, Treasury and Trade • Reducing costs, improving automation, managing risk Neutrality • Industry-owned community • Overseen by regulatory authorities • Impartial to the data transacted across the messaging platform Technology • Store and forward, file transfer, interactive query & response • Open standards • IP over fibre-optic backbone Slide 3
SWIFT figures (December 2007) 3. 5 billion messages per year 8, 332 customers 208 countries Average daily traffic 13. 9 million messages Peak day of 16 million messages 28 September 07 Slide 4
Payments and Cash Management Market Credit transfers Exceptions & Investigations Debtor’s Financial Institution Creditor’s Financial Institution Cash management Direct debits MT 1 xx, 2 xx Debtor MT 9 xx Exceptions & Investigations Cash management MT 9 xx MT 101 Exceptions & Investigations Cash management Payment initiation (CT + DD) MT 9 xx Creditor MT-based MX-based Slide 5
Trade & Supply Chain Market Guarantees / Standby LCs MT 76 x Collections MT 4 xx Letters of credit MT 7 xx Buyer’s bank Seller’s bank TSU mes sag es TSU s age ess m Trade Services Utility MT-based MX-based Slide 6
Trade Services Utility Financing with or without recourse Data Matching Buyer’s Bank TSU Seller’s Bank Seller (2) Invoice, Transport, Insurance, Certificate Data (1) Purchase Order Data Centralised Workflow & Matching Engine Slide 7
ISO 20022 UNIFI (UNIversal Financial Industry message scheme) Objective To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities Challenge 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. Slide 8
ISO 20022 – Components < 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 < Development / registration process - Clearly identified activities and roles - Business experts and future users involved upfront < Repository on the ISO 20022 website - Business Process Catalogue & Data Dictionary - Outside of official standard (maintained by registration bodies) Slide 9
ISO 20022 and UN/CEFACT Seller Buyer UN/CEFACT Administration, Commerce & Transport • e-Invoice • Remittance Advice • Request for Finance • etc Buyer’s Bank ISO 20022 (UNIFI) Financial Seller’s Bank Goal is one of convergence of the standards developed by the two de jure standards bodies, on the commercial side UN/CEFACT, and on the financial side ISO 20022 Slide 10
ISO 20022 and UN/CEFACT Cooperation < 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 UNIFI to UN/CEFACT < 2006: – WG 4 takes over technological alignment < 2007: – First official submission from UNIFI to UN/CEFACT – Project submission from UN/CEFACT to UNIFI < 2008: – Customer-to-bank payment components harmonised and accepted in UN/CEFACT Core Component Library Slide 11
ISO 20022 and UN/CEFACT Convergence UNIFI Registration Management Group UNIFI Standards Evaluation Groups UNIFI Registration Authority UN / CEFACT (All Sectors) UNIFI Users ISTH Omgeo UN/CEFACT Registry/ Repository UNIFI Financial Repository Business Requests TBG 5 Finance Core Components TBG 17 Securities Data Dictionary Payments Harmonisation Common Business Processes www. unece. org/cefact/ Business Process Catalogue CLS SWIFT Euroclear Message Models Trade Services www. iso 20022. org Forex ISITC ACBI Slide 12
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