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UNIFI (ISO 20022)

The success of ISO 20022 – UNIversal Financial Industry message scheme. UNIFI (ISO 20022). Jean-Marie Eloy Senior Manager, SWIFT ISO 20022 Registration Authority. 50,000 ‘voluntary’ experts. WG. WG. WG. WG. WG. WG. WG. WG. WG. What is ISO?

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UNIFI (ISO 20022)

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  1. The success of ISO 20022 – UNIversal Financial Industry message scheme UNIFI (ISO 20022) Jean-Marie Eloy Senior Manager, SWIFT ISO 20022 Registration Authority UN/CEFACT TBG5 & CRG, 23 January 2008

  2. 50,000 ‘voluntary’ experts WG WG WG WG WG WG WG WG WG What is ISO? International Organization for Standardization 157 Countries National Standards Bodies (BSI, ANSI, AFNOR, DIN, UNI, etc) General Assembly Council Central Secretariat Technical Management Board (TMB) TC 68 Financial Services 193 Technical Committees TC TC TC SC 4 Securities SC 2 Security SC 7 Banking 540 SubCommittees 2,244 Working Groups 16,500 International Standards 580 international or regional Liaison Organisations

  3. Objective To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities Major obstacle Numerous overlapping standardisation initiatives looking at XML financial messages: MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST, SWIFT, RosettaNet, OAGi, ACORD, CIDX, etc. Why UNIFI (ISO 20022)?The UNIFI value proposition

  4. UNIFI (ISO 20022)The ISO recipe for all financial messages • ISO 20022 - UNIversal Financial Industry message scheme, the recipe: • syntax neutral business modelling methodology (UML) • syntax specific design rules (UML to XML) • industry led development/registration process • financial repository on www.iso20022.org • reverse engineering approach to ease coexistence

  5. ISO 15022 IFX TWIST Message model MDDL FpML FIX UNIFI (ISO 20022)Supports convergence and co-existence ISO 15022 IFX TWIST Message model MDDL FpML FIX Long term we want one standard, but in the interim several standards need to co-exist…

  6. UNIFI (ISO 20022) recipe - For whom?Potential users and developers • communities of users looking for interoperability and more cost-effective communications • Message development organisations: MDDL, FIX, FinXML, VRXML, RIXML, FpML, IFX, TWIST, SWIFT, RosettaNet, OAGi, ACORD, ISTH, CIDX, XBRL, etc. • Market Infrastructures (MIs): DTCC, FED, EBA, Target, CLS, Euroclear, Omgeo, etc. • International or national standards setters: ACBI, ISO TC68 WGs, UN/CEFACT TBG5, OMG, ISITC, EPC, etc. There are also catalysts for interoperability and convergence, such as SEPA, Giovannini,MiFID, e-Invoicing

  7. UNIFI (ISO 20022)The registration bodies • Registration Management Group, RMG • Overall governance / court of appeal • Represent the whole financial industry • Approve business justifications for new message standards • Standards Evaluation Groups, SEGs • Represent future users of specific financial areas • Validate message standards • Registration Authority, RA • Ensure compliance • Maintain iso20022.org and publish UNIFI Repository

  8. Industry group or standards body R M G m o n i t o r s Submitter Business justification Business justification Project approval & allocation to a SEG RMG Endorsement of scope and developers SEG Development & provisional registration Submitter & RA SEG RA UNIFI Repository Dictionary Catalogue UNIFI (ISO 20022) The registration process Candidate UNIFI messages Business validation UNIFI messages Official registration and publication www.iso20022.org

  9. Registration Management Group (RMG) Standards Evaluation Groups (SEGs) • RMG (50 senior managers, 18 countries, 9 liaison organisations) • AT, AU, CA, CH, DE, DK, FI, FR, GB, IT, JP, KR, LU, NL, NO, SE, US, ZA, Clearstream, Euroclear, FPL, FpML, ISITC, SWIFT, TWIST, UN/CEFACT/TBG5, VISA • Convener: Gerard Hartsink, ABN Amro; Vice-convener: Bob Blair, JP Morgan Chase • Payments SEG(34 experts,13 countries, 5 organisations) • AT,AU,CH,DE,DK,FI,FR,GB,NL,NO,SE,US,ZA,IFX,Euroclear,SWIFT,TBG5,TWIST • Convener: Len Schwartz, ABN Amro; Vice-convener: Bob Blair, JP Morgan Chase • Securities SEG (55 experts, 16 countries, 7 liaison organisations) • AU, CA, CH, DE, DK, FI, FR, GB, JP, LU, NL, NO, SE, TR, US, ZA, Clearstream,Euroclear, FISD/MDDL, FPL, ISDA/FpML, ISITC, SWIFT • Convener: Karla McKenna, Citigroup; Vice-convener: Didier Hermans, Euroclear • Forex SEG(26 experts, 11 countries, 3 liaison organisations) • AU, CA, CH, DE, FR, GB, NL, NO, SE, TR, US, SWIFT, FIX, ISITC, SWIFT • Convener:Ludy Limburg, ABN Amro; Vice-convener: Tony Smith, JP Morgan Chase • Trade ServicesSEG (23 experts, 12 countries, 2 liaison organisations) • AU, CH, DE, DK, FI, FR, GB, IS, IT, NL, US, ZA, SWIFT, TBG5 • Convener:Katja Lehr, IFSA; Vice-convener: Dominique-Pierre Barthares, BNP Paribas

  10. WG WG WG WG WG WG WG WG WG UNIFI (ISO 20022) Where does it fit in the ISO structure? 157 National Standards Bodies (BSI, ANSI, AFNOR, DIN, UNI, etc) General Assembly Council Central Secretariat Technical Management Board (TMB) TC 68 Financial Services TC TC TC UNIFI RMG SC 4 Securities SC 2 Security SC 7 Banking SEG SEG SEG SEG RA

  11. UNIFI (ISO 20022)The deployment • Publication of the international standard:Dec 2004 • Kick-off Registration Management Group: Jan 2005 • Kick-off Payments and Securities SEGs: Jun 2005 • Approval of first ‘UNIFI messages’: Sep 2005 • Kick-off Forex and Trade Services SEGs: Sep 2006 • Today already: • 96 UNIFI messages approved and published (8 projects) • 125 candidate UNIFI messages under evaluation (4 projects) • 10 projects (business justifications) approved for development • 1 business justification under approval

  12. The UNIFI recipe is used!The message portfolio is growing • 96 UNIFI messages approved and published: • Customer payment initiation (5 messages - ISTH) • Investment funds distribution (45 - SWIFT) • Interbank payment clearing and settlement (7 - SWIFT) • Payments exceptions & investigations (14 - SWIFT) • Bank-to-customer cash management (3 - ISTH/ISITC) • Forex notifications (15 - CLS) • Securities regulatory reporting (4 - SWIFT) • Invoice financing request (3 - ACBI) • 125 candidate UNIFI messages under evaluation: • Securities pre-trade/trade (44 - FIX/SWIFT) • Investment funds distribution (23 - SWIFT) • Proxy voting (8 - SWIFT) • Trade services management- TSU (50 - SWIFT)

  13. The UNIFI recipe is used!The message portfolio is growing • Candidate UNIFI messages in development: • Issuers’ agents communication (Euroclear) • Total portfolio valuation statement (ISITC) • Cash management (SWIFT) • Securities post-trade (Omgeo) • E-invoice (UN/CEFACT/TBG5) • Securities registration and holder ID (Euroclear) • Securities market claims and transformations (Euroclear) • Securities settlement and reconciliation (SWIFT) • Securities corporate actions (SWIFT) • Securities issuance (Euroclear) • New development proposals: • Change/verify account identification (GUF)

  14. Global overviewPayments Direct Debits / Credit Transfers Creditor’s Bank Debtor’sBank Exceptions & Investigations Cash Management Cash Management Exceptions & Investigations Cash Management Advice & statement UNIFI Exceptions & Investigations Advice & statement Credit Transfer Initiation Direct Debit Initiation Candidate UNIFI Debtor/ Buyer Creditor/Seller

  15. TSU Global overviewTrade Services e-Invoice Seller’s bank Buyer’s bank TSU messages TSU messages Invoice financing request e-Invoice EBPP UNIFI Candidate UNIFI Seller Buyer

  16. Long term convergence goal A single ISO-UN/CEFACT approach UNIFI Registration Management Group UNIFI Users UNIFI Standards Evaluation Groups UNIFI Registration Authority ISTH UN / CEFACT (All Industries) Omgeo UN/CEFACT Registry/ Repository UNIFI Financial Repository Securities CLS Business Requests SWIFT Core Components Data Dictionary Payments TBG17 Harmo- nisation Euroclear Message Models Common Business Processes Business Process Catalogue ISITC Trade Services ACBI www.iso20022.org Forex

  17. www.iso20022.org uestions & Answers iso20022ra@iso20022.org

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