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ISO 20022 RMG Newsletter ISO 20022 RMG Newsletter Volume 9, Issue 1 April 2018 Edition Convenor’s Note Welcome to the latest edition of the ISO 20022 RMG newsletter! By James Whittle. Convenor of the ISO TABLE OF CONTENTS 20022 RMG, NPSO (UK). Convenor’s Note 1 n this edition, the underlying Introduction 1 In this issue 2 theme is the resilience of ISO News 20022 to meet new business re- I Global Adoption, Tools, RMG Meetings, Other 2 quirements in financial services. ISO 20022 for Securities Remaining relevant in a time of im- ISO 20022 and Cross-border Fund Orders 6 mense industry change is one of the facets of ISO 20022 that ISO 20022 Investment Funds Update 9 ISO 20022 for Payments has accelerated its take-up. In the last newsletter the focus Swiss ISO 20022 Payments Harmonization 10 was on standards and regulation, which continue to drive The Meaning of Payments Purpose 11 adoption, however we now see the ISO 20022 community ISO 20022 Process and Technology taking a more proactive approach to handling change, Implementation Recommendations for MIs 14 meeting new requirements, and supporting interoperability. I An ISO standard for web-based APIs 14 see no slowing down of ISO 20022 adoption in 2018! Accelerating ISO 20022 Maintenance 16 Questions and contacts 20 I welcome the opportunity to share information and increase understanding about what is happening in the RMG and across the user community. It has always been my mantra to emerging requirements and continue to show resilience and ensure that the ISO 20022 standard is evolving in a way that superiority in the market. As we continue our work, the RMG will make the most of the opportunities and challenges we are must continue to not be complacent in addressing this pace of facing collectively. This is becoming increasingly more im- change and ensuring it is one step ahead. portant as we see not only more change, but an accelerated change that is delving into new applications and business cas- Introduction es for our standard. By Bob Blair, ASC X9, ISO 20022 Communications Group Con- venor This past year, I have read with interest significant ISO 20022 commitments across new market infrastructures and re- Change is the only constant porting requirements from Brazil, to the European Union, and These are dramatic times for the financial services industry South East Asia. In 2017 we saw the US and Australia launch and its standards. New technologies and the evolution of ex- new retail real time payments system based on ISO 20022 and isting provide new opportunities…and challenges. A perfect Singapore commit to the use of ISO 20022. storm of regulation, and technology developments drive change: Open Banking initiatives in key markets drive devel- Not least, this year we have made tremendous progress in opment and adoption of API’s, promising increased automa- addressing these challenges with an approach full of opti- tion and ease of integration. Technology developments in the mism. To name an example, we had global buy-in to establish retail space fueled by the broad distribution of handheld com- accelerated processes to meet adoption needs of new user puters (for example smartphones and tablets) and global con- communities, such as the cards industry. In addition, we made nectivity result in a need for new standards. ground-breaking progress looking at the use of JSON and APIs (Application Programming Interfaces) with ISO 20022, provid- All this comes at a time when the ISO 20022 standard has ing the foundation for an illustrative Whitepaper and a new reached full stride. A large body of schema now exist, and can work stream in ISO to develop a Technical Specification look- be considered fully capable, mature with more along the way ing at APIs. though always candidate for enhancement and new additions. I have been impressed at the progress of our standard to meet © Copyright 2018, the ISO 20022 RMG. All rights are reserved. ISO 20022 RMG Newsletter | April 2018 Edition Introduction (continued) Switzerland is currently migrating all domestic payment systems to ISO 20022 for payment systems, banks, and end users. This Our standards methodologies have served us well, brought us to market provides a variety of tools and documentation designed this point. Yet new process requirements require change and to facilitate migration to ISO 20022 for all participants including: adjustment. An increasing number of communities are in production or plan- From banks, a recommendation that end users migrate to ning and development to make use of the ISO 20022 standards. the standard for payments operations with links to specifi- Market practice groups such as the RMG’s Real Time Payments cations of each bank. Group and SWIFT’s High Value Payments Plus Group work on From Payment Standards.CH - For end users a public registry international harmonization of their respective schema to estab- with links to technical documentation. Covers banks and lish a common baseline footprint for implementation of the financial applications (ERP, treasury management systems schema…and, increasingly, to facilitate future interoperability and others) supporting payment operations using ISO between markets using the schema for a common purpose. 20022. 78 Swiss banks, 160 software providers support the Articles In this issue ISO 20022 schema. This issue includes a number of articles on subjects relevant to Go to the registry ISO 20022, as well as a variety of news items, all from RMG members and others interested and involved in ISO 20022. Thanks to our contributors and the RMG’s Communications Also, from SIX, “A validation portal supports the consistent use Group members for their efforts to make this issue a reality. of the ISO 20022 messages”. Articles in this issue of the newsletter include: Go to the validation portal For Securities From the Payment Market Practice Group (PMPG): From EFAMA: The importance of ISO 20022 to Funds Pro- Standardizing Purpose of Payment cessing The market practice groups, the PMPG, the Securities Market We lead off with coverage of a securities related implementation Practice Group, the Real Time Payments Group, and the Com- addressing use of ISO 20022 in the European market Prior to mon Global Implementation-Market Practice group (to name a adoption of ISO 20022, cross-border funds processing “…was few) work to interpret, apply and, in some cases, harmonize use suffering from a high level of fragmentation”. EFAMA (the Euro- of the standard. pean Fund and Asset Management Association) has been a lead- er in facilitating standardization in this area. This article focuses on one area challenging the ISO 20022 pay- ment standards, the requirements for some markets for inclu- Bernard Delbecque discusses funds adoption of ISO 20022, sion in a payment of a reference to the business purpose of a EFAMA acting as a catalyst for change. payment (e.g. the payment covers rent, royalties, purchase of goods, etc.). This issue is not unique to ISO 20022. It originated From SWIFT: ISO 20022 Investment Funds Maintenance with the SWIFT MT standards and cross border payments some Update years ago. Janice Chapman discusses recent developments related to In- As the “next new thing” for high value payments, ISO 20022 has vestment Funds schema: ISO 20022 Investment Funds Mainte- the opportunity, and the challenge, to standardize use and nance Update placement of purpose codes. Will this happen? The jury is still For Payments out. Read the article by Michael Knorr, Peeking Behind the Cur- tain: The Meaning of Payments to find out more. Switzerland: ISO 20022 Payments Harmonization Istvan Teglas’ article, Swiss ISO 20022 Payments Harmonization Addressing ISO 20022 technology and process Activities gives insights on Swiss payments market efforts to pro- From SWIFT Standards: Implementation Best Practices mote ISO 20022 harmonization, domestically and internationally. Stephen Lindsay of SWIFT Standards offers insights into the new SWIFT whitepaper with Recommendations for Implementation Page 2 © Copyright 2018, the ISO 20022 RMG. All rights are reserved. ISO 20022 RMG Newsletter | April 2018 Edition Articles in this issue (continued) Treasury professionals will begin to have access to the standard through their Canadian financial institutions as early as 2019.” of ISO 20022 Messages for Market Infrastructures. And Implementation Best Practices. “The standard is expected to have significant economic benefits From the TSG: ISO TC68 Standards and JSON for Canada—Payments Canada research indicates cost savings An article by the ISO 20022 Technical Support Group (TSG) offers could be as high as $4.5 billion over five years if we eliminated a preview of a recently published whitepaper on implementation checks in favour of electronic payments. That number does not best practices when using ISO 20022 with JSON. even begin to quantify the additional benefits that would come from enhanced integration, compliance, interoperability and TC68 SC9 has initiated a related project to develop an ISO API fraud detection.” standard. ISO Standards and JSON Syntax China—As reported at a Meet the Market presentation series following the RMG’s November 2017 meeting in Shanghai, Chi- From the ISO 20022 Registration Authority: Enhance- na’s payment systems are live using ISO 20022 schema. ments to ISO 20022 processes Since its inception in 2004, the ISO 20022 standard has been See coverage in the section RMG Meetings on the next page for subject to a series of improvements to make it more efficient, more. more responsive, and more open. Most recently, cards domain participants have requested enhancements to improve speed to Switzerland—Switzerland is migrating its wholesale payment market and other features. The RA, with the assistance of the systems to ISO 20022. Extensive tools have been made publicly RMG and Cards SEG members have partnered to identify the available to facilitate implementation in a consistent, standard, issues, and propose enhancements.
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