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Use of International in the Financial Industry

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Use of International in the Financial Industry International Standards in the Financial Industry Paul Janssens 12 May 2016 The global provider of secure financial messaging services Standards in the Financial Industry - SEMIC Rome 2016 Our offering to the community Messaging Standards Integration Shared & Interfaces Services Standards in the Financial Industry - SEMIC Rome 2016 The standards journey Payments Securities only Securities only All markets Treasury & Trade Proprietary MT ISO 7775 ISO 15022 ISO 20022 1973 1984 1999 2004 • Paper-based • Reference standard • Proprietary syntax • Electronic • Point-to-point • Open, neutral syntax • One size fits all • End-to-end transaction • SWIFT only • Market practice Standards in the Financial Industry - SEMIC Rome 2016 • SWIFT + other organisations 4 ISO standards Standard Description Type ISO 6166 International Securities Identification Number (ISIN) Ref Data ISO 8583 Financial cards Info Xchange ISO 9362 Business Identifier Code (BIC) Ref Data ISO 10383 Market Identifier Code (MIC) Ref Data ISO 10962 Classification of Financial Instruments (CFI) Ref Data ISO 13616 International Bank Account Number (IBAN) Ref Data ISO 15022 Securities Messages Info Xchange ISO 17442 Legal Entity Identifier (LEI) Ref Data ISO 18774 Financial Instruments Short Name (FISN) Ref Data ISO 20022 Universal Financial Messages Info Xchange Standards in the Financial Industry - SEMIC Rome 2016 5 ISO 20022 is . a methodology for the development of message standards based on business process modelling . a central financial repository (dictionary + catalogue of messages) Standards in the Financial Industry - SEMIC Rome 2016 6 The ISO 20022 Methodology Scope The methodology distinguishes 3 layers: Business / Conceptual Data dictionary • Defines business meaning of financial concepts, e.g., ‘Credit Transfer’ Logical Catalogue of • Defines e.g. credit transfer messages, to serve the business messages process Physical • Defines physical syntax, e.g. XML Syntax Standards in the Financial Industry - SEMIC Rome 2016 7 Standard Content – www.iso20022.org Standards in the Financial Industry - SEMIC Rome 2016 8 Methodology - Business / Conceptual Layer Standards in the Financial Industry - SEMIC Rome 2016 9 Elements refer to the Business / Conceptual layer for the definitions Standards in the Financial Industry - SEMIC Rome 2016 10 Global Standards – Local usage ‘AUTH’-auth.030.001.01 ISO 20022 EMIR Trade Report messages Global ESMA guidelines market practice Local Country specific templates market practice Reporting Agent’s RA- implementation specific with NCA specification practice Standards in the Financial Industry - SEMIC Rome 2016 11 11 My Standards Platform Fragmentation and Global Standards: change of industry MT/MX/ISO 20022 A lot of options messaging specifications Cost of onboarding new Market practices Different customers or migrating communities standards Implementation used in different The same problem applies guidelines ways across different channels (SWIFT, host-to-host, e- banking) Change over time Standards in the Financial Industry - SEMIC Rome 2016 www.swift.com Standards in the Financial Industry - SEMIC Rome 2016 13.
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