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SWIFTSolutions for low value payment clearing systems. Slide 1. Sibos205_Banking_PC_LVACH_v2.ppt. Low-value payments. Usually low to medium value and / or non-urgent payments and related statement reports Credit transfers Salaries, pension payments, retail and commercial payments

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  1. SWIFTSolutions for low value payment clearing systems Slide 1 Sibos205_Banking_PC_LVACH_v2.ppt Sibos205_Banking_PC_LVACH_v2.ppt

  2. Low-value payments • Usually low to medium value and / or non-urgent payments and related statement reports • Credit transfers Salaries, pension payments, retail and commercial payments • Direct debits • Cheque clearing and truncation • Formatted in a variety of file structures • Exchanged in electronic files • Cleared through correspondent relationships and/or Automated Clearing Houses (ACHs) Sibos205_Banking_PC_LVACH_v2.ppt

  3. Complementing our position in wholesale segment by extending to low value payment market High-valuemessaging Low volume messaging We started in the wholesale cross-border payments market : high-value messaging but limited volume 1973 Single and cross-border payments We extended to the wholesale domestic payments (RTGS) : high-value add messaging with large volumes 1995 Domestic payments (RTGS) We entered the retail cross-border payments market: lower-valueadd messaging but limited volume 2003 Bulk cross-border payments ACH 2005 We are entering the retail domestic payments market: lower value add messaging but large volumes Cards & cash Low valuemessaging High-volumemessaging Sibos205_Banking_PC_LVACH_v2.ppt

  4. SWIFT provides a total solution for payments and settlement systems Banking correspondents Automated clearing houses Real-time gross settlement systems Central securities depositories Settlementinstructions Settlement instructions Payments Settlement instructions DVP instructions R-t cash reporting Real-time query/control Real-time query/control Real-time query/control Bulk payments Bulk payments Reporting Reporting FIN FIN Copy InterAct FileAct Sibos205_Banking_PC_LVACH_v2.ppt

  5. Direct ACH participant ACH Indirect ACH participant Payment data Accounting data LVP Business Models 1 3 “Hub and spoke” around ACHs ACH acting as accounting centre e.g. NL, UK e.g. ES, FR 2 4 Bilateral file exchanges “Hub and spoke” around ACHs with indirect membership e.g. BE, EBA, ZA e.g. AU, DE, IE Sibos205_Banking_PC_LVACH_v2.ppt

  6. Market developments • In Developing Markets: • Central bank led buy off shelf ACH’s in developing markets • In Europe: • ACH operator becoming more commercial • SEPA leading to consolidation • TARGET 2 • Faster Payments (OFT) • Gradual move to XML, encouraged by Regulators • In US: • Increased interest in XML Sibos205_Banking_PC_LVACH_v2.ppt

  7. SWIFT’s solution for low-value payment clearing systems Rationalisation Standardising the communications layers with SWIFTNet FileAct embedding SWIFTNet PKI Harmonisation Standardising the end-to-end transaction chain with Bulk Payments standard for bank-to-bank and bank-to-ACH flows and C2B Payment Initiation standard for customer-to-bank flows Sibos205_Banking_PC_LVACH_v2.ppt

  8. The solution aims to connect all potential players involved in the end-to-end transactions Region with an ACH RegionalACH EBASTEP2 Countrywith an ACH Countrywithout an ACH NationalACH Bank-ownedservices International bank-to-bank exchanges and clubs SWIFTNet services Sibos205_Banking_PC_LVACH_v2.ppt

  9. SWIFTNet solution for EBA STEP2 -Pan-European ACH • EBA Clearing acting as service provider: • Administers its own SWIFTNet service for the STEP2 community • Uses SWIFTNet FileAct in many-to-one for payments input and output flows • Uses the MT103 and the XML Bulk Credit Transfer messages • Uses SWIFTNet Browse for on-line monitoring services • Uses Reverse Billing in order to let SWIFT invoice input traffic to senders; output traffic to receivers • To-date, 70 direct participants access STEP2 over SWIFTNet. More will join in November 2004 and later • See http://www.abe.org for more info EBA STEP2 Direct Participant SWIFTNet solution for EBA STEP2 SWIFTNet FileAct,InterAct and Browse Sibos205_Banking_PC_LVACH_v2.ppt

  10. What the first SWIFTNet-basedAutomated Clearing House says "Combining the strengths of our partners SIA and SWIFT, we have been able to launch our new pan-European retail payment clearing house (STEP2) within a record timescale of 10 months. With STEP2 in place, banks in Europe now have a new platform that enables them to further develop their retail payments business in accordance with customer needs in the Single Euro Payments Area. Using SWIFTNet was an obvious choice to allow for open access by a very large number of banks.” Gilbert Lichter, Secretary General of EBA Sibos205_Banking_PC_LVACH_v2.ppt

  11. SWIFTAlliance Gateway SWIFTNet FTA Caja Madrid’s implementation of XML Bulk Credit Transfer for EBA STEP2 XML Bulk Credit Transfer STP Plus EBA STEP2 Application Caja Madrid has implemented the Bank-to-bank Bulk Credit Transfer message STP Plus variant and originates the STEP2 bulk payments files straight from the internal back-office application Sibos205_Banking_PC_LVACH_v2.ppt

  12. What our customers say… “We have given our preference to the XML bulk payment standard for STEP2 since XML is now our standard internal content management technology. Loading the XML schema into our back-office application enables us to avoid the development costs that a proprietary syntax requires.” Caja Madrid Sibos205_Banking_PC_LVACH_v2.ppt

  13. Eurogiro Hub Eurogiro proprietary network SWIFTNet Eurogiro Member Eurogiro Member By using SWIFTNet, Eurogiro Members can eliminate their Eurogiro proprietary link New Eurogiro Members can use their SWIFTNet connectivity to exchange Eurogiro payments with other members. The Eurogiro Hub interfaces Eurogiro’s proprietary network with SWIFTNet. Sibos205_Banking_PC_LVACH_v2.ppt

  14. What our customers say… “The co-operation agreement with SWIFT fits perfectly with our strategy to lower entry and transaction costs and to expand the Eurogiro offering.” Henrik Parl, Managing Director, Eurogiro A/S Sibos205_Banking_PC_LVACH_v2.ppt

  15. SWIFTStandards XML for end-to-end bulk payments enables end-to-end STP AutomatedClearingHouse Ordering Customer’s Financial Institution Beneficiary Customer’sFinancial Institution XML Inter-bank Bulk Payments 2 XML Cash Management 4 5 3 XML Payment Initiation XML Cash XML Cash Management Management 1 • Standardised content • End-to-end STP Ordering Customer Beneficiary Customer Sibos205_Banking_PC_LVACH_v2.ppt

  16. Federal Reserve TCH FedWire CHIPS Clients FedWire FedACH CHIPS EPNACH InterAct Dedicated link(s) Dedicated link(s) Bulk payments / Files FileAct SWIFTNet FedACH EPNACH Clients FI’s &ACHs SWIFTNet solution for FedACH & EPN ACH and US banks Single payments / Messages FI’s &RTGS FIN USBanks Single SWIFTNet connection Existing SWIFT flows (FIN) New SWIFT flows (InterAct and FileAct) Sibos205_Banking_PC_LVACH_v2.ppt

  17. software lines maintenance hardware support project management testing backup legal procurement software maintenance release qualification disaster take-over exercises education documentation Benefits for Automated Clearing Houses Slide 17 Sibos205_Banking_PC_LVACH_v2.ppt Sibos205_Banking_PC_LVACH_v2.ppt

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