SWIFT for ISO 20022

SWIFT for ISO 20022 — Market Infrastructure Communities

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SWIFT for ISO 20022 – Market Infrastructure Communities

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Contents

ISO 20022: The future is now 4

SWIFT and ISO 20022: Setting standards 5

SWIFT for ISO 20022 5

Community solutions 5

Community management 6

Standards 7

Messaging platform 8

ISO 20022 adoption and case studies 9

ISO 20022 adoption 9

ISO 20022 case studies - Securities 10

ISO 20022 case studies - Payments 12

ISO 20022 case studies - FX Treasury 14

Legal notices 15

forISO 20022

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ISO 20022 is not a new standard – it was first published in 2004. But from the outset ISO 20022 was positioned as the standard of the future: an open standard that would cover all financial business domains and be flexible enough not only to work with the latest technology but to adapt to new technology as it emerged.

SWIFT has been part of the story since the beginning. In 2000, SWIFT created the blueprint for ISO 20022 as part of the ISO working group. In 2004, SWIFT was appointed Registration Authority for ISO 20022, and remains responsible for maintaining the content and integrity of the standard, as it grows. Currently, SWIFT remains the single largest contributor of ISO 20022 message definitions, and also participates with local communities in defining and publishing market practice to ensure that this global standard meets local needs.

Financial standards take a long time to get established, and even the best-designed standards only take off if they meet real and immediate needs in the market. For ISO 20022, that moment has clearly arrived. Currently, there are 70+ major ISO 20022 initiatives around the world. Of these, the vast majority are driven by Market Infrastructures (MI), covering securities, payments, and treasury businesses.

This brochure describes a number of these ISO 20022 initiatives and the role that SWIFT has played in making them successful, and also offers an introduction to SWIFT’s end-to-end solution to support communities moving to ISO 20022.

Stephen Lindsay Head of SWIFT Standards

ISO 20022: The future is now

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ISO 20022 is an open standard. It has a very broad user community and it is not controlled by any single interest. The scope of ISO 20022 covers the entire financial industry - securities, payments, treasury and trade and cards, - enabling consistent, end-to-end business processes to be adopted, via a single standard.

As a standards-setting organisation, SWIFT is closely involved in ISO 20022.

Registration Authority and Content ContributorOn behalf of ISO, SWIFT is the ISO 20022 ‘Registration Authority’, acting as the guardian of the Financial Repository, safeguarding the quality of, and

compliance to, the standard. In addition, SWIFT ensures up-to-date publication of the Repository on www.iso20022.org. SWIFT is the major content contributor to the ISO 20022 portfolio, either submitting, or co-submitting, more than half of all message developments. SWIFT participates in all relevant ISO 20022 Standards Evaluation Groups to evaluate new developments and participates in the maintenance process of ISO 20022 message sets.

Market Practice Facilitation

‘Market practice’ defines how the standard is used to meet specific, local business needs. SWIFT is a trusted facilitator and harmoniser of global market practice for ISO 20022. SWIFT has acquired invaluable expertise which enables us to advise communities on best practice. This expertise has been gained by working closely with a number of groups that define global market practice, such as:

— Securities Market Practice Group (SMPG): SMPG is a global securities industry initiative that defines harmonised securities market practices, including ISO 20022. SWIFT provides the SMPG secretariat.

— Payments Market Practice Group (PMPG): PMPG is an advisory group to the SWIFT Board, and serves as a global market practices forum. The PMPG has sponsored the development of global ISO 20022 implementation guidelines for high-value payments systems.

— Local groups: Additionally, SWIFT is involved with numerous regional and local market practice groups.

SWIFT and ISO 20022: Setting standards

SWIFT for ISO 20022: Community solutions

SWIFT offers ISO 20022 expertise to Market Infrastructures and their communities that have committed, or are committing, to move to ISO 20022. This expertise centres on three core competences:

— Community management

— Standards

— Messaging platform

SWIFT has packaged its ISO 20022 expertise into a unique combination of end-to-end products and solutions that increase automation and drive efficiencies, providing a one-stop-shop for all ISO 20022-related community requirements.


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SWIFT for ISO 20022: Community management

SWIFT’s key objective includes enabling the automation of financial transactions, reducing operational risks for financial institutions and reducing industry Total Cost of Ownership (TCO).As both standards body and network provider, SWIFT has a 40 year track record of experience in supporting financial communities. As a result, we have well-established, formal processes that can ensure consistency in the roll-out of ISO 20022.

To support community-wide management of ISO 20022, SWIFT:

— Manages standards versions by ensuring regular, predictable release cycles which allow financial institutions to adequately plan and budget their IT and business resources

— Supports global and community-specific market practice for harmonised implementation

— Ensures the correct usage of the standard within the MI community by providing network validation

— Supports efficient customer implementation of the new standard, through the use of community tools, such as MyStandards

— Provides seamless integration of MI specifications to participants with interface ‘Deployment Packs’, as well as integration tools, such as XML or XSD schemas and connectors

— Provides a platform for innovative new services

SWIFT for ISO 20022 – Products and Solutions

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Closely involved in ISO 20022 from the start, SWIFT has unparalleled expertise in ISO 20022 standard management, acting as a trusted advisor to support communities at all stages of their community projects, through consulting and training engagements.

Consulting Services

SWIFT’s ISO 20022 experts have a wealth of experience, having delivered 100+ standards consulting projects, supporting 70+ clients. SWIFT has been involved in major initiatives in multiple geographies, encouraging harmonised adoption and sharing best practice insights. As communities plan their move to ISO 20022, SWIFT has a range of consulting services that support the migration process from beginning to end. These services include:

— ISO 20022 impact assessment— ‘Roadmap’ definition

— Business impact assessment

— Business case support

— ISO 20022 solution design— Message development

— Data mapping and transformation

— Business process flow design

— Enterprise architecture design

— Community-specific market practice guidelines, starting from global market practice

— Technical implementation services, such as integration and roll-out

— Project management

SWIFT’s expert consultants have an average of 15 years of relevant experience.

Training Courses

SWIFT has numerous specialised training courses on ISO 20022, both web, and classroom-based:

— Web-based: ’ISO 20022 in 90 mins’; ‘ISO 20022 and T2S’, ‘ISO 20022 for Trade’

— Classroom-based: ‘ISO 20022 for High Value Payments’, ‘ISO 20022 for Securities Settlement’, ‘ISO 20022 for Corporate Actions’, ‘Using ISO 20022 and XML’

MyStandards

MyStandards is a collaborative web platform that helps customers manage global financial messaging standards and ensures that their internal specifications and guidelines are in line with market practice. It is used to create, maintain, document, publish, share, compare and consume ISO 20022. These specifications describe exactly how the standard should be used in its specific business context. Specifications can be updated and managed over time, and published in a variety of formats to suit different audiences, from business analysts to engineers. MyStandards also includes reusable, customisable mapping logic as ‘Base Libraries’ which contain pre-populated schema libraries for all ISO 20022 messages. MyStandards significantly reduces implementation costs and effort and drives community-wide harmonisation.

MyStandards Readiness PortalThe MyStandards Readiness Portal is an extension of MyStandards that allows publishers of specifications, such as MIs, to offer a web-based testing service to their customer community. The service validates test messages against ISO 20022 usage guidelines maintained by publishers, helping the customers ensure that they comply fully with the specifications. This streamlines the on-boarding of new customers, reducing time and cost.

SWIFT for ISO 20022: Standards

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SWIFT for ISO 20022: Messaging platform

SWIFTNet Secure NetworkSWIFT operates the only world-wide, value-added network designed specifically for ISO 20022. SWIFTNet is secure, reliable and scalable:

— ‘Single window’ – With a global reach across 10,800+ financial institutions, 200+ countries and 230+ MIs, SWIFT offers a ‘single connectivity window’ to a wide range of counterparts. This reduces cost, complexity and risk compared to using multiple proprietary networks.

— InterAct – Enables the exchange of XML-based, single transaction, ISO 20022 messages.

— FileAct – Enables the transfer of bulked ISO 20022 transactions, or files, in a secure and reliable manner. It is most efficient when used to transfer large batches of messages, such as bulk payment files.

— Copy services – SWIFTNet Copy enables the sender of an ISO 20022 message, or file, to automatically trigger a copy to be sent to a third party for processing or authorisation, for example, a central bank. Available with both InterAct and FileAct, SWIFTNet Copy can be used in two modes: either Y-Copy (wait for authorisation before sending to addressee) or T-Copy (no waiting for authorisation).

SWIFTNet Messaging FeaturesDelivering value-added functions:

— Validation – InterAct offers automatic validation of the message against the ISO 20022 standard in a number of ways: i) format validation, checking the syntax and structure of the message, ii) semantic validation, iii) reference data validation, and, where required, iv) global market practice validation. Message validation ensures message quality, avoiding the need for message repair and exception handling.

— Non-repudiation – Message delivery is guaranteed, and the sending and/or the receiving of data cannot be disputed.

Connectivity and IntegrationAll of SWIFT’s interfaces, integration products, conversion tools and connectors are fully compatible with ISO 20022 messaging products:

— Interfaces – All of SWIFT’s interface tools are compatible with ISO 20022 - from the Alliance Messaging Hub (a sophisticated messaging hub and conversion tool, aimed at high volume, multi network users) through SWIFT Alliance Access (an on-premise, single network solution, aimed at medium to large players) to Alliance Lite2

(a cloud-based connectivity solution which meets the needs of lower volume messaging customers).

— Integration / Conversion tools – SWIFT provides specialised tools to facilitate integration and format conversion – from AMH-based transformation, through Alliance Access Integration Platform (IPLA) to Converters. All of these tools are compatible with ISO 20022.

— MI connectors – In addition to its interface and integration tools, SWIFT also has developed off-the-shelf ‘connector’ tools for specific MI initiatives, for example, ‘T2S Connector’.

Onboarding

SWIFT offers easy onboarding for the MI and its community. A typical ISO 20022-based MI implementation would involve the deployment of a ‘Closed User Group’ (CUG) environment, to guarantee the safe, secure and smooth handling of transactions by the MI, and its trusted members.

SWIFT for ISO 20022 – Implementation Project Phase Support

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ISO 20022 has rapidly become the financial industry’s preferred standard for most new initiatives, and is emerging as the clear choice for Market Infrastructures around the world.Although adoption triggers differ widely from project to project, the underlying impetus to migrate to ISO 20022 is typically based on one, or more, of the following factors:

— To drive automation, Straight Through Processing (STP) and efficiency by adopting common standards and market practices, and thereby reduce costs and risks

— To participate in, or because they are impacted by, market or pan-regional integration initiatives

— To align with regulatory reform, or to respond to anticipated changes or priorities in the regulatory landscape

— To facilitate a country’s ambition to expand internationally or increase foreign participation within financial markets

— To facilitate new end-to-end services, for example, extended remittance

— To leverage the replacement of aging legacy systems and/or proprietary standards

ISO maintains a global overview of initiatives adopting ISO 20022 as their messaging standard for financial transactions. This information is published as an ‘app’ for iOS tablet devices. The ‘mApp’:

— Tracks initiatives that adopt official ISO 20022 messages registered on www.ISO20022.org

— Tracks ISO 20022 message types used

— Tracks project status – under discussion / planned / testing / live

— Covers all regions and business segments

Currently, 70+ initiatives around the world, are being tracked in the mApp, the vast majority of which are driven by securities, payments and treasury Market Infrastructures, and their communities.

The app is free to download, can be used online or offline, and is available from the Apple App Store. The same information is also available in PDF format on www.iso20022.org.

ISO 20022: Adoption

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ISO 20022: Case studies - Securities

Asia PacificJapan Securities Depository (JASDEC)In 2007, the Japanese Financial Services Agency called on JASDEC to support the use of ISO 20022 in order to increase international competitiveness, strengthen interoperability, improve straight-through processing and enrich service functionality. Since then, SWIFT has been working closely with JASDEC to internationalise and standardise its messaging standards.

In January 2014, JASDEC became the world’s first major central securities depository to go live with ISO 20022 on SWIFTNet for clearing and settlement with its participants. JASDEC uses SWIFT’s MyStandards to create, manage and share standards specifications with its international customer base.

Between January 2014 and December 2018, all market participants will migrate their messaging standards from existing message formats to ISO 20022.

JASDEC has been a pioneer in adopting ISO 20022 and this migration has been instrumental in gathering ISO 20022 implementation experience, not only for the Japanese financial services industry but also for market participants around the world.

This project, together with DTCC and TARGET2-Securities, has made a very significant contribution to the recognition of ISO 20022 within global securities markets.

Singapore Exchange (SGX)SGX offers its trading members, clearing members and depository agents an ISO 20022 settlement API that will cover all SGX settlement and reconciliation activities. By adopting international standards and best practices, SGX will enable its members to achieve greater straight-through processing while building an agile infrastructure that can quickly meet new business requirements.

SWIFT provided standards expertise and advice to SGX to ensure efficient adoption of ISO 20022, and SWIFT will be one of the messaging channels used as part of the SGX platform. SGX will also consider deploying the standard to other business areas, such as corporate actions and collateral management.

“Encouraging the industry wide adoption of ISO 20022 will enable greater automation and straight-through processing, and a consistent messaging standard will help reduce data processing risks. For high-value transactions, errors can result in significant financial losses.” Nico Torchetti, Head of Post Trade Services, SGX.

Australian Stock Exchange (ASX) ASX has introduced standardised corporate action information in ISO 20022 format. While primarily aimed at the Australian market, it also offers potential for stakeholders in other countries. ASX offers an automated straight-through process for its new announcement service, with the issuer as the source of information, combined with enriched, structured data that is aligned with ISO 20022.

ASX delivers ISO 20022 messages to customers via SWIFTNet and proprietary channels in near real time.

ASEAN + 3 (Association of South East Asia Nations) Bond Market Forum (ABMF)ABMF aims to harmonise the lifecycle of fixed-income instruments around the region to enable intra-regional bond issuance and post-trade activities.

ISO 20022 is seen as a major enabler to ABMF’s vision, and is the foundation of a government and corporate bond post-trade and asset-servicing model that the region will implement in the coming decade.

SWIFT, contributing as an international expert, provides standards and market practice facilitation expertise to the group. The Singapore-based standards team is also a member of the maintenance secretariat of the Bond Market Guides that ABMF publishes as part of its deliverables to the industry.

Korea Securities Depository (KSD) The KSD Offshore Fund Service Platform (OSP) provides offshore fund transaction processing services for Korean distributors and trustees. The OSP is an automated mutual fund platform offering end-to-end coverage from distribution, account opening and transfers to settlement, reconciliation and asset servicing, with various service providers. Its funds operations are processed on a straight-through basis, using ISO 20022 messages over the SWIFT network.

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Europe, Middle East and AfricaTARGET2-Securities (T2S)T2S is a European initiative to establish a single platform for the settlement of securities. The main driver of T2S is to contribute to financial integration and the creation of a single harmonised European market for securities settlement.

T2S makes cross-border settlement identical to domestic settlement in terms of cost, technical processing and efficiency. A single set of rules, standards and tariffs will be applied to all transactions in Europe, dramatically reducing the complexity of the current market infrastructure landscape.

SWIFT has been supporting the T2S project since 2008, drawing upon many years of expertise and established best practice to support the implementation of ISO 20022. SWIFT:

— Helped manage the messaging specifications and registration aspects, as well as the technical aspects of developing the required ISO 20022 messages

— Collaborated on a customised and efficient workflow, faster time to market, adoption of best practices and the creation of a centre of standards expertise inside organisations

— Provided T2S with the MyStandards platform, to allow T2S to publish and manage their standards usage guidelines

To date, 90% of the CSDs and Central Banks who have selected a service provider for their T2S Wave 1 or Wave 2 connectivity, have selected SWIFT, using ISO 20022.

Bank of New York Mellon Europe BNY Mellon chose SWIFT to connect to T2S using ISO 20022 standards as a ‘Wave 1’ participant, for international usability. The bank selected SWIFT based on its detailed knowledge of T2S and our expertise with MT and mapping processes.

SWIFT carried out an in-depth T2S impact assessment at both a business and a technical level. To accomplish integration with existing back-office processes, a functional mapping of all messages into BNY Mellon’s internal format was also developed. Additionally, SWIFT delivered a MyStandards Readiness Portal for T2S for testing and message simulation. All messages will be published on SWIFT’s MyStandards.

AmericasU.S. Depository Trust & Clearing Corporation (DTCC)DTCC serves as the premier U.S. post-trade market infrastructure, advancing the automation, centralisation, standardisation and streamlining of processes critical to the safety and soundness of markets. It stands at the centre of global trading activity, processing trillions of dollars of securities transactions on a daily basis.

DTCC launched a multi-year transformation initiative in its corporate actions business in 2011. The objective was to convert its proprietary formats to new ISO 20022-based standards, while maintaining the link with its ‘legacy’ applications and data requirements.

An additional challenge was to ensure compliance with global and U.S. market practices. By using SWIFT Consulting Services and drawing upon the expertise and support of SWIFT standards experts, DTCC successfully mapped all of its legacy data requirements to ISO 20022 standards. This was accomplished by implementing structured XML extensions in the messages, to help bridge the gap

between legacy and new standards. In so doing, DTCC became fully compliant with global and U.S. market practices, and at the same time ‘upgraded’ its platform to new ISO 20022 standards. Its legacy corporate action announcement files will be completely phased out by the end of 2015.

DTCC has worked closely with SWIFT to develop the extensions, and uses the SWIFT network as one of its channels to send corporate actions data.

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Asia PacificAustraliaThe Australian Payments Clearing Association (APCA) has selected ISO 20022 as the messaging standard for its New Payments Platform (NPP) that will allow domestic retail payments to be made instantly between financial institutions and their customers’ accounts.

In December 2014, Australia’s NPP Steering Committee selected SWIFT to provide the infrastructure for the new payments infrastructure, comprising three main components:

— The SWIFT network - a Domestic Messaging Channel which will enable participants to exchange a high volume of messages in-country, with low latency on a 24x7 basis

— The switch - a payments gateway that will orchestrate clearing and settlement flows

— The addressing database - a proxy addressing lookup service that will allow payment routing based on personal identifiers such as a mobile phone number or email address

The Australia New Payments Platform is expected to go live in 2017.

Brunei When Brunei decided to create an RTGS, it opted for ISO 20022 to align with international standards and best practice, facilitate straight-through processing and to support Brunei’s preparation for ASEAN financial integration in 2015.

Brunei has developed its new RTGS system using the high-value payment guidelines developed by the PMPG, and will use the new SWIFTNet Copy service to exchange its high-value payment transactions in the most secure and efficient way.

India The NG-RTGS in India opted for ISO 20022 as a contemporary, open payments standard, listing a common syntax for speedy and straight-through processing as one of its main requirements. SWIFT benchmarked the performance of ISO 20022 messages against the existing Structured Financial Messaging System (SFMS) messages in terms of size, storage and processing. In addition, SWIFT conducted a technical review of ISO 20022 formats and advised on alignment with global market practice and usage conventions.

Association of Southeast Asia Nations (ASEAN)The Working Committee on Payment and Settlement Systems (WCPSS), under the remit of ASEAN Central Bank Governors, has chosen to promote ISO 20022 for future payments systems in the ASEAN region. SWIFT’s efforts began in 2012 by providing technical assistance on the ISO 20022 standard and conducting workshops for the WCPSS with guest presenters from both the European Payments Council and the International Payments Framework Association. In 2013, SWIFT led a capacity building campaign for ASEAN payments market infrastructures to assist in building institutional capacity around the ISO 20022 standard.

In 2014 an ASEAN Payment and Settlement Systems Cooperation, consisting of the ASEAN Bankers Association, WCPSS and SWIFT, was formed to conduct a gap analysis to ascertain the next steps for the ASEAN payment environment to move towards a common payment framework.

“ISO 20022 allows for flexibility and extensibility, and can include structured and unstructured information with the payment. It allows for the provision of payment-related information and for industries to develop tailored messaging, thereby obtaining straight-through processing efficiencies.”David Brown, Program Director at Reserve Bank of Australia for the NPP Project

Europe, Middle East and AfricaSingle Euro Payments Area (SEPA)SEPA is the European Union (EU) payment-integration initiative. SEPA currently includes 28 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland and Monaco.

The European Payment Council (EPC) develops payment schemes, frameworks and rulebooks which help to realise the integrated euro payments market. These schemes are based on ISO 20022 standards, for which EPC has defined a set of implementation guidelines.

SWIFT has been instrumental in the development of corporate-to-bank and interbank payment messages, which are used to exchange SEPA transactions. SWIFT is also invited to meetings organised by the EPC to discuss the evolution of schemes and standards. ISO 20022 payments messages are used by banks and clearing systems to execute end-to-end SEPA transactions.

ISO 20022: Case studies - Payments

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EBA STEP2 as a SEPA compliant Pan-European Automated Clearing House (PE-ACH)The STEP2 system of EBA CLEARING is a Pan-European Automated Clearing House (PE-ACH) for SEPA Credit Transfers (SCT) and Direct Debits (SDD), which means that the platform provides full reach to SCT and SDD Scheme-adhering banks in all 34 countries of the Single Euro Payments Area. In addition to the platform’s pan-European role, the migration of domestic legacy payments to SEPA has further strengthened the position of STEP2 as a payment system of first choice for domestic retail payments. STEP2 Services offer SEPA-compliant processing with domestic service levels and value-added functionalities based on the messaging infrastructure of SWIFT and on other secure networks.

High-Value Payments in Europe: TARGET2 and EBA EURO1/STEP1High-value payments clearing systems in Europe will be moving from FIN MT to ISO 20022 standards. Both EBA EURO1, the private sector large-value payment system for single same-day euro transactions, and TARGET2, the European RTGS, will migrate to ISO 20022 in 2017.

“EBA CLEARING has gathered significant ISO 20022 experience in handling euro retail transactions as the prime provider of pan-European infrastructure services for SEPA, and we will build on that experience when moving to ISO 20022 with our high-value payment services, EURO1/STEP1. Together with SWIFT, we will ensure our user community a seamless technical migration.” Jette Simson, Head of EURO1/STEP1 Service Maintenance

Both infrastructures will use the PMPG guidelines for High-Value Payments as a basis to define their implementation guidelines. These guidelines provide a sound basis for a common adoption of ISO 20022 in the high-value payments clearing and settlement space, thereby protecting global interoperability as markets move at different speeds.

“In consultation with our user community we have decided to replace the MTs currently used for payments in TARGET2 with ISO 20022 messages. The migration will be carried out with the help of SWIFT, which has proved to be a crucial partner in the realisation of this major project of the Eurosystem.” Sylvain de Beaumont, Head of TARGET section, European Central Bank

Both TARGET2 and EURO1 will use SWIFT’s latest SWIFTNet offering, SWIFTNet Copy, to ensure the secure exchange of high-value payments.

Southern African Development Community (SADC)As SADC is moving further towards payments-system integration, the SADC Payment System Project has adopted ISO 20022 standards as the basis for defining financial messages in the retail payments environment. SADC has partnered with SWIFT for advice and expertise on the ISO 20022 standards, and will use MyStandards to publish and maintain its standards specifications.

“One of the founding principles of the SADC Payments Project was the principle of adopting international standards wherever possible. This was to ensure that interoperability between banks throughout the region could be achieved at the lowest cost possible. Adopting ISO 20022 standards will have a material impact on the region as a whole due to their intended wide-ranging application. It is envisaged that they will be adopted from mobile-to-mobile transfers right through to securities DVP transactions.” Maxine Hlaba, Manager, SADC

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AmericasCanadian Payments Association (CPA)In Canada, the CPA has decided to adopt ISO 20022 standards to increase interoperability and improve operational efficiency, especially related to enhancing remittance information that is passed to end-user clients and corporates. This move will result in better performance within the CPA’s clearing and settlement systems, and, more broadly, will benefit the Canadian payments systems as a whole.

SWIFT has been helping with the CPA project, assessing the opportunities that standards will bring over the long-term and the strategies needed to get there. CPA is already using MyStandards, SWIFT’s collaborative web-based platform, to manage standards and usage.

The CPA adoption plan includes all payment systems in Canada, both low-value and high-value.

“We, like many other market infrastructures, rely on the services of SWIFT on an ongoing basis. They are a very important partner and supplier to us and to large financial institutions in Canada. They bring us a critical level of subject expertise, not only because of standards, but also because of their international experience. We want an international approach on standards, not an approach confined to Canada.” Gerry Gaetz, President and CEO of CPA

Colombia Colombia’s central bank has implemented clearing messages for High-Value Payments.

In addition, ACH Colombia and ACH Cenit, operated by the Central Bank, reached consensus with the banking association (Asobancaria) for both their respective ACH members to implement clearing messages for Low-Value Payments.

CLSSWIFT has more than 12 years of experience with CLS (Continuous Linked Settlement), which provides global clearing and settlement for both currency legs of treasury, or foreign exchange (FX), trades, and acts as the sole financial messaging provider.

CLS is currently in the process of replacing the CLS ‘gateway’ as part of its Strategic Architecture (STAR) programme with a new SWIFT-based solution. The programme will deliver increased performance and capacity, automated intra-day settlement and is based on ISO 20022 messaging.

ISO 20022: Case studies - FX Treasury

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Legal noticesAbout SWIFTSWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 financial institutions and corporations in 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

CopyrightCopyright © SWIFT SCRL, 2015 — All rights reserved. The information herein is confidential and the recipient will not disclose it to third parties without the written permission of SWIFT.

DisclaimerSWIFT supplies this publication for information purposes only. As a mere informative report, this document is not designed to provide any recommendation or advice, and should not be used as such by the recipient. The recipient remains solely and fully responsible for all decisions based on this report, and for all consequences resulting from such decisions. SWIFT disclaims all liability with regard to such decisions and their consequences.

Trademarks SWIFT is the tradename of S.W.I.F.T. SCRL.The following are registered trademarks of SWIFT: SWIFT, the SWIFT logo, the Standards Forum logo, 3SKey, Innotribe, Sibos, SWIFTNet, SWIFTReady, and Accord. Other product, service or company names mentioned in this site are trade names, trademarks, or registered trademarks of their respective owners.

For more information, contact the SWIFT Standards team.

For more information about SWIFT, visit www.swift.com

For more information about SWIFT visit swift.comSWIFT © 2015

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