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ISO 20022 in T2S – a New Chapter in Collaboration

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ISO 20022 in T2S – a New Chapter in Collaboration Case study ISO 20022 in T2S – A new chapter in collaboration “T2S is a new generation of market infrastructure that will completely reshape securities settlement operations across Europe” Marc Bayle, ISO 20022 RMG member and T2S Programme Manager at the ECB TARGET2-Securities (T2S) SWIFT Standards Consulting Drivers is a European initiative to Services has been supporting As with TARGET2, the pan-European RTGS for euro payments, harmonised establish a single platform for the T2S project since 2008, and efficient messaging is crucial for the the settlement of securities. It leveraging its many years smooth operation of the T2S system is coordinated by the European of expertise and established and its attractiveness to potential users, Central Bank (ECB), and four best practice to support the who today use a variety of structures to central banks (4CB: Banco de implementation of ISO 20022. coordinate securities settlement in and across European markets. Therefore, a España, Banque de France, Most recently it has focused on decision was taken early in the project Banca d’Italia and Deutsche two distinct roles: supporting that messages for use with T2S would be Bundesbank) are currently Deutsche Bundesbank in the ISO 20022. developing the service and management of the messaging “T2S is a new generation of market will operate it. Once it goes specifications and registration infrastructure that will completely reshape live in 2014, T2S will provide aspects of the T2S project; securities settlement operations across Europe,” says Marc Bayle, ISO 20022 harmonised delivery-versus- and supporting the 4CB in the RMG member and T2S Programme payment (DvP) settlement in technical aspects of developing Manager at the ECB. “The timing of the central bank money. Central new ISO 20022 messages. T2S project coincided naturally with securities depositories (CSDs) the growing interest in ISO 20022. We using T2S will continue to Benefits of engaging SWIFT wanted the new generation of market infrastructures in Europe to deploy the provide other depository services Standards Consulting Services new generation of standards.” to their clients. Customised and efficient workflow Faster time to market Adoption of best practices Build a centre of standards expertise in your organisation A key benefit of ISO 20022 is its ability to of Banco de España, who is responsible from scratch,” says Heid. “We have also create a single model of all the business within the 4CB for liaising with the had to familiarise ourselves with the ISO processes involved end-to-end, while CCBM2 project, the future collateral 20022 methodology.” SWIFT Standards allowing flexibility in the syntax in which management system of the Eurozone has played an important role not only those models are expressed. This is of central banks, which is being developed in in message analysis and development, particular benefit to large-scale market parallel to T2S. “Though each one of the but in helping design efficient workflows infrastructure projects encompassing project areas is coordinated by one of the among the various stakeholders to diverse users. It is expected that by the developer central banks, the teams are see the process through – from initial start of T2S operations in 2014, many multi-central-bank; we all work together.” message design to registration. “The more segments of the financial community T2S project, ISO 20022 related activities Deutsche Bundesbank has the lead will have adopted ISO 20022, with and early market involvement had to be responsibility, inter alia, for coordinating the T2S community at the forefront of properly linked with each other and had to the activities related to messaging. The communication standards. work ‘hand in hand’” explains Heid. work on messages includes ISO 20022 From a 4CB perspective, using ISO development and the creation of new SWIFT Standards supports each central 20022 was a clear decision of the market. messages by experts from all of the 4CB bank contributing to the development “The user requirement documents with SWIFT Standards providing technical of new messages in the different that guide our project were drawn up and development consulting support. steps of ISO 20022 development based on user input. They clearly state and implementation, notably the UML Three concurrent efforts are under that messages should follow the ISO modelling required in ISO 20022. “We way: the specification, development 20022 methodology,” says Christoph had specific requests in terms of timing, and maintenance of new and existing Heid, Deutsche Bundesbank, chair so a new agile process for development messages; the customisation of both of the working group on message support was introduced,” says Vincent for specific usage within the T2S standardisation and registration (WG- Bonnier, Director, TARGET2-Securities environment; and the attainment of ISO MSR) charged with responsibility for Project, Banque de France, and T2S 20022 registration for new messages. coordinating the 4CB work of T2S Project Manager for the 4CB. One example of a new ISO 20022 message development. development is the associated collateral “SWIFT Standards provided training to “One of the great benefits of ISO 20022 management message flows between the 4CB on the ISO 20022 development is that it is universal; it covers the whole T2S and CCBM2. methodology and helped set up the value chain of financial sector information necessary tools and work environment, flows,” says Bayle at the ECB. “We are including SWIFT’s Standards Workstation very happy to be a frontrunner of ISO “One of the great benefits and Standards Developer Kit which 20022. We strongly believe it is a new of ISO 20022 is that it is supports customisations required by generation of messaging standard that T2S,” explains Matthieu de Heering, T2S will significantly improve the efficiency of universal; it covers the whole project manager, SWIFT Standards. business information flows.” Stakeholders value chain of financial SWIFT Standards is rolling out its in markets around the globe are looking sector information flows” implementation tools and Consulting for ways to optimise the circulation of Services for development support, information. “We are in close contact Marc Bayle, ISO 20022 RMG member and T2S Programme Manager at the ECB. analysis and customisation as part of with our colleagues at other market the T2S project to support other market infrastructures,” says Bayle. “They are infrastructure initiatives. “We are always looking at what we are doing. It’s clear SWIFT Standards helps implement ISO looking to improve our service offering now that these parties are seeing the 20022 to help customers reduce cost, time and benefits of our approach. In moving beyond its traditional function risk. While we’re really happy with the as a standards development centre to a Project organisation results that have been demonstrated so more extensive implementation support While retaining overall management far with the T2S project, we are already role, SWIFT Standards has provided of the T2S programme at the ECB, hard at work on a new collaborative specialist consulting services and the Governing Council of the ECB has platform to make the management technology to assist the 4CB with the entrusted the development work for of standards and market practices development and implementation of ISO T2S to the 4CB, each of which has easier and more efficient,” says Adam 20022 for the T2S project. responsibility for coordinating particular Moulson, Head of Implementation, SWIFT areas. “We have a matrix organisation in “In several business areas, new Standards. the 4CB,” explains Luis Miguel Caramelo messages have had to be developed SWIFT © 2011 20022 – A universal standard for a pan- aim of the sub-group is to convey the European project market’s needs in the definition and As explained above, the choice of T2S scope of the messages to the developers to rely on ISO 20022 for its messages and to provide feedback,” says Paolo was a strategic one: thanks to SWIFT Carabelli, project manager for T2S at Standards’ active promotion, by the time Monte Titoli, and sub-group chairman. the T2S market infrastructure is launched “Where technical issues have arisen in a growing number of communities are the discussions, these have on the whole expected to have started their migration been easily resolved within the sub-group towards ISO 20022 with T2S at the with the help of SWIFT Standards.” SWIFT vanguard. Standards has participated in the work of the SGMS from the outset. Bayle says that “more benefits are to be reaped in the process”. Participating in discussion forums, such as the ISO SWIFT Standards supports Market 20022 Registration Management Group Infrastructures or Standards Evaluation Group actively Beyond consulting on the message supported by SWIFT Standards, to development process itself, an adjacent discuss markets developments with benefit derives from SWIFT Standards’ message practitioners and future users of participation in messaging projects in T2S is a further opportunity to witness the general. Marco Pieroni, Deputy Head standardisation process in the making. TARGET2-SSP Division, Banca d’Italia, These discussions emphasize how points out that in developing messages for essential it is nowadays to have a holistic the TARGET2 RTGS, a close partnership approach to message development with SWIFT Standards reflected a across business areas, from pre to post- user preference for leveraging existing trade. “In this respect, T2S
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