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Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

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Page 1: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 1 ISO_20022_LV_v42

ISO 20022 (UNIFI)

ISO 20022

Introduction to ISO 20022 – Universal financial industrymessage scheme

Page 2: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 2 ISO_20022_LV_v42

Agenda

ISO 20022:

– value proposition

– the standard

– the actors

– the registration process

– the Repository ISO 20022 registration platform Cross industry harmonisation Interoperability within the financial industry Q & A

Page 3: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 3 ISO_20022_LV_v42

The ISO 20022 value proposition (1/5)

ObjectiveTo enable communication interoperability between financial institutions, their market infrastructures and their end-user communities

Major obstacleNumerous overlapping standardisation initiatives looking at XML financial messages:

MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST,

SWIFT, RosettaNet, OAGi, ACORD, CIDX, etc.

Page 4: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 4 ISO_20022_LV_v42

Proposed solution

A single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives

The ISO 20022 value proposition (2/5)

ISO 20022

Page 5: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 5 ISO_20022_LV_v42

Convergence into ONE standard is the long term objective….

The ISO 20022 value proposition (3/5)

…but in the interim several standards need to coexist to enable quick response to competitive pressures and regulatory demands

Source: John Mersberg, IBM Corporation

Page 6: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 6 ISO_20022_LV_v42

Growth adds exponential complexity and expense…

The ISO 20022 value proposition (4/5)

RosettaNet

OAGi

TWIST

Proprietary format

SWIFTIFX

EDIFACT Without common building blocks:• Point-to-point connection• Data is mapped directly from one application to another• Costly, unscalable and difficult to implement and maintain• Process, routing, rules logic needs to be coded to specific message types42 interfaces = n * (n-1)

Source: John Mersberg, IBM Corporation

Page 7: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 7 ISO_20022_LV_v42

Standardised implementation reduces cost, time to effect change and improves overall performance…

Canonical message model =• True process integration• Reduced brittleness, faster to respond to change• Shared message services – single/shared parser, message independent rules engine, etc.• Unified monitoring / audit trail

RosettaNet

TWIST

SWIFTIFX

EDIFACT

Canonical Message Model(i.e. ISO 20022)

ISO 20022 aims at long term convergence, while facilitating short term coexistence…

14 interfaces = n * 2

Source: John Mersberg, IBM Corporation

The ISO 20022 value proposition (5/5)

OAGi Proprietary format

Page 8: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 8 ISO_20022_LV_v42

ISO 20022 Illustrating business modelling

All institutions have their own sets of data objects

ISO standardises common data objects…

Account

Order

Date

…and groups them into ‘syntax-neutral’ message models, which...

Order

DateDate

XML ISO 15022

… can be ‘transformed’ in message formats in the desired syntax

FIX

EDIFACT

Page 9: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 9 ISO_20022_LV_v42

The ISO 20022 recipe Major ingredients (1/2):

Modelling-based standards development

Syntax-specific design rules for XML

Reverse engineering approach

- Syntax-independent business standard- Validated by the industry

- Predictable and ‘automatable’- Protect standard from technology evolution

- Protect industry investment and ease interoperability- Prepare for future migration

Page 10: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 10 ISO_20022_LV_v42

The ISO 20022 recipe Major ingredients (2/2):

Development / registration process

Repository on the ISO 20022 website

- Clearly identified activities and roles- Business experts and future users involved upfront- Technical experts involved when required

- Business Process Catalogue & Data Dictionary- Outside of official standard (maintained by

registration bodies)

www.iso20022.org

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Slide 11 ISO_20022_LV_v42

The five parts of ISO 20022

International Standard: Overall methodology and format specifications for inputs to and outputs from the ISO 20022 Repository

International Standard: Roles and responsibilities of the registration bodies

Technical Specification: ISO 20022 modelling guidelines

Technical Specification : ISO 20022 XML design rules

Technical Specification: ISO 20022 reverse engineering

Copies can be obtained from www.iso.org

Part 1:

Part 2:

Part 3:

Part 4:

Part 5:

Page 12: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 12 ISO_20022_LV_v42

Communities of users or organisations that want to develop ISO 20022 compliant messages to support their financial transactions

Submitting organisations

Could beCBI ConsortiumClearstreamCLSEPAS

EuroclearFIXFpMLIFX

ISITCISTHMDDLOAGI

OmgeoSWIFT TWISTTBG5

Creation of a new set of ISO 20022 messages to support a specific transactionUpdate of existing ISO 20022 message sets to accommodate the evolution of the business

Reasons

ISO 20022 – The actors (1/2)

4CBEtc.

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Slide 13 ISO_20022_LV_v42

ISO 20022 – The actors (2/2)

Registration Management Group, RMG– Overall governance / court of appeal– Approve business justifications for new standards– Create Standards Evaluation Groups (SEGs)

Standards Evaluation Groups, SEGs– Represent future users of specific financial areas – Validate message standards

Registration Authority, RA– Ensure compliance– Maintain and publish ISO 20022 Repository

Technical Support Group, TSG – Assist RMG, SEGs, RA and submitting organisations

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Slide 14 ISO_20022_LV_v42

ISO 20022 The registration process (1/3)

Submitter Financial industry group or standards body

Business justification

Business justification

RMGProject approval & allocation to a SEG

SEGEndorsement of scope and developers

Submitter & RA

Development & provisional registration

SEGBusiness validation

RAOfficial registrationand publication

Repository

Dictionary

CatalogueOptional pilot testingor first implementers

www.iso20022.org

RMG

monitors Submitter

& users

Page 15: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 15 ISO_20022_LV_v42

ISO 20022 The registration process (2/3)

Submitter Financial industry group or standards body

Business justification

Business justification

RMGProject approval & allocation to a SEG

SEGEndorsement of scope and developers

Submitter & RA

Development & provisional registration

SEGBusiness validation

RAOfficial registrationand publication

Repository

Dictionary

CatalogueOptional pilot testingor first implementers

www.iso20022.org

RMG

monitors Submitter

& users

Candidate ISO 20022 messages

ISO 20022 messages

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Slide 16 ISO_20022_LV_v42

ISO 20022Standards

Evaluation Groups ISTH

Omgeo

CLS

SWIFT

Euroclear

ISITC

ACBI

DataDictionary

BusinessProcess

Catalogue

www.iso20022.org

ISO 20022 FinancialRepository

ISO 20022Registration

Management Group

ISO 20022Registration

Authority

ISO 20022Users

Businessmodels

Candidate ISO 20022messages

Business

justification

ISO 20022messages

ISO 20022 The registration process (3/3)

Securities

Payments

Trade Services

Forex

Cards

Page 17: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 17 ISO_20022_LV_v42

ISO 20022 – The Financial Repository

Data DictionaryData Dictionary - Business Concepts - Message Concepts - Data Types

Business Process CatalogueBusiness Process Catalogue - Financial business process models- Financial business transactions, including messages- XML message schemas

www.iso20022.org

Page 18: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 18 ISO_20022_LV_v42

Continuing with today’s agenda

ISO 20022 registration platform

ISO 20022

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Slide 19 ISO_20022_LV_v42

Approval of the international standard Selection of the Registration Authority Set-up of www.iso20022.org

Creation of Registration Management Group Creation of the first Standards Evaluation Groups

Registration and publication of first ‘ISO 20022 messages’

ISO 20022 - The deployment

Ongoing: promotion to developers (standardisers, industry bodies) and users (vendors, end-users)

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Slide 20 ISO_20022_LV_v42

ISO 20022 – How does it fit into the ISO structure?

ISO Technical Committee TC68Financial Services

ISO 20022RMG

SEGPayments

SEGSecurities

RA

SEGFX

RMG members nominated by P-member countries and A-liaison organisations

TSG & SEG members nominated by all member countries and liaison organisations

SC7Banking

SC4Securities

SC2Security WG4

ISO 20022 Review

SEGTrade Services

TSG

SEGCards

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Slide 21 ISO_20022_LV_v42

Members - 64 senior managers from:

– 19 countries: AT, AU, BR, CA, CH, DE, DK, FI, FR, GB, IT, JP, KR, LU, NL, NO, SE, US, ZA.

– 12 liaison organisations: Clearstream, ECB, Euroclear, FISD, FPL, FpML, IFX, ISITC, SWIFT, TWIST, UN/CEFACT/TBG5, VISA

Convener: Gerard Hartsink, ABN Amro (NL); Vice-convener: Bob Blair, JPMorgan Chase (US); Secretary: Cynthia Fuller, X9 (US)

Meetings: twice a year

Key decisions:– Creation of five SEGs: Payments and Securities in 2005, Trade Services

and Forex SEGs in 2006, Cards & Related Retail Financial Services in 2008

– Approval of 36 development projects

ISO 20022 Registration Management Group

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Slide 22 ISO_20022_LV_v42

Members – 48 experts

– 15 countries: AT, AU, CH, DE, DK, FI, FR, GB, IT, JP, NL, NO, SE, US, ZA

– 5 liaison organisations: Euroclear, IFX, SWIFT, TWIST, UN/CEFACT/TBG5

Convener: Len Schwartz, ABN Amro (NL); Vice-convener: Bob Blair, JP Morgan Chase (US); Secretary: Deb Hjortland, FRB (US)

Approved: C2B payment initiation (SWIFT/ISTH), Interbank credit transfers and direct debits (SWIFT), Exceptions and investigations (SWIFT), B2C advice & statement (ISTH/ISITC)

Under evaluation: E-mandates (SWIFT)

Next: Change/verify account identification (GUF), Cash management (SWIFT), Creditor payment activation request (CBI Consortium), Bank account management (SWIFT)

ISO 20022 – The Payments SEG (1/3)

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Slide 23 ISO_20022_LV_v42

ISO 20022 – The Payments SEG (2/3)

Payments Payments Credit

transfers

covering instruments such as:

Direct debits

Cheques

covering actors such as:

Private & corporate customers

Financial institution

s

Central banks

Clearing houses &

RTG systems

Payment ‘factories’

Page 24: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 24 ISO_20022_LV_v42

PaymentsPayments

including business areas such as:

Communications between the

ordering customer and its

bank, etc.

Interbank transfers via

correspondent banking or ACHs, high

value payments, low value bulk

payments, RTGS, etc.

Account opening,

standing orders, transaction and

account information, advices &

statements from …

Payment initiation

Clearing & settlement

Cash management between various actors:

...the account servicing

institutions to account owners,

including reporting from the financial institution…

…to the ordering & beneficiary customers,

reconciliation, exceptions & investigations

handling.

ISO 20022 – The Payments SEG (3/3)

Page 25: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 25 ISO_20022_LV_v42

Members – 69 experts

– 18 countries: AU, BR, CA, CH, DE, DK, FI, FR, GB, IE, JP, LU, NL, NO, SE, TR, US, ZA

– 8 liaison organisations: Clearstream, ECB, Euroclear, ISDA/FpML, ISITC, FISD, FPL, SWIFT

Convener: Kevin Wooldridge, Standard Logic (UK); Vice-convener: Didier Hermans, Euroclear; Secretary: Chad Spitler, BGI

Approved: Investment funds (SWIFT), Transaction regulatory reporting (SWIFT), Proxy voting (SWIFT), Issuer’s agents communication for CA (Euroclear)

Under evaluation: Pre-trade/trade (SWIFT/FPL), Fund processing passport report (SWIFT), Corporate actions (SWIFT), Settlement & reconciliation (SWIFT)

Next: Total portfolio valuation statement (ISITC), Post-trade (SWIFT/Omgeo), Registration & holder identification (Euroclear), Market claims & automatic transformations (Euroclear), Securities issuance (Euroclear), Triparty collateral management (SWIFT), Alternative funds (SWIFT) , Modification/replace & allegement response (SWIFT)

ISO 20022 – The Securities SEG (1/3)

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Slide 26 ISO_20022_LV_v42

Securities Securities Equities

covering instruments such as:

Funds

Fixed income

covering actors such as:

Investment managers, distributors,

transfer agents, fund administrator

s

Broker / dealers

Regulators

Custodians

Stock exchanges

, ETC providers

Deriva-tives

Clearing houses, CCPs

CSDs, ICSDs

Market Data

Providers

Service bureaux

ISO 20022 – The Securities SEG (2/3)

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Slide 27 ISO_20022_LV_v42

including business areas such as:

Account opening,

standing orders, transaction and

account information, advices &

statements, queries &

investigations

Income, corporate actions,

market data, proxy votingCollateral,

repos, securities lending & borrowing

Securities managementCustody

Collateral management

Trade Initiation

, pre-trade

Trade, post-trade

Clearing &

settlement

Securities Securities

Securities Issuance

ISO 20022 – The Securities SEG (3/3)

Page 28: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 28 ISO_20022_LV_v42

ISO 20022:ISO 20022: Builds on the ISO 15022 data dictionary concept and registration

infrastructure, but strengthens the monitoring by the industry Uses a more robust, syntax independent development

methodology based on UML modelling of business processes and transactions

Uses XML as the syntax for the actual physical messages Has a wider scope than ISO 15022, which is only for securities

messages Is in line with directions taken by other industries (UN/CEFACT)

Looking at the advantages ISO 20022 brings over ISO 15022

Syntax independent business modelling is key to the ISO 20022 standard !

Page 29: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 29 ISO_20022_LV_v42

Members – 27 experts

– 12 countries: AU, CA, CH, FI, FR, GB, NL, NO, SE, TR, US, ZA

– 4 liaison organisations: FISD, FPL, ISITC, SWIFT

Convener: Ludy Limburg, ABN Amro (NL); Vice-convener: Tony Smith, JP Morgan Chase (UK); Secretary: Joshua Derrick, SWIFT

Kick-off meeting: in September 2006

Approved: Forex notifications (CLS)

ISO 20022 – The FX SEG (1/3)

Page 30: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 30 ISO_20022_LV_v42

Foreign eXchangeForeign eXchangeSpot

covering instruments such as:

Forward

Swaps

covering actors such as:

Investment managers

Hedge funds

Dealers

Custodians

CLS and CLS

settlement members

Currency

Options

Industry association

s (ISDA)

Application

providers

Money brokers

Trading portals,

matching services providers

ISO 20022 – The FX SEG (2/3)

Page 31: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 31 ISO_20022_LV_v42

including business areas such as:

Clearing and Settlement, including

netting and related

reporting

Post-trade:confirmation,

matching, assignment,

novation, etc.

Notification of trades to third parties

Pre-trade: IOI,

quotes, etc.

Trigger events, option

exercises

Trade: order,

execution, allocation, affirmation

, etc.

Foreign eXchange Foreign eXchange

ISO 20022 – The FX SEG (3/3)

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Slide 32 ISO_20022_LV_v42

Members – 27 experts

– 13 countries: AU, CA, CH, DE, DK, FI, FR, GB, IS, IT, NL, US, ZA

– 2 liaison organisations: ISITC, SWIFT

Convener: Katja Lehr, IFSA (US); Vice-convener: Peter Potgieser, ABN Amro (NL); Secretary: Jim Wills, SWIFT

Kick-off meeting: in September 2006

Approved: Invoice Financing Request (CBI Consortium), Trade Services Management (SWIFT)

Next: e-Invoice (UN/CEFACT/TBG5)

ISO 20022 The Trade Services SEG (1/3)

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Slide 33 ISO_20022_LV_v42

Trade ServicesTrade ServicesCollection

covering products…

Letter of credit

Documentary credit

…and services such as:

Open Account Trading

Reconciliation (A/R, A/P),

remittance data

Purchase order,

transport documents

Guarantee

Invoice financing

Pre/post-shipment financing

& factoring

e-Invoicing

EBPP

ISO 20022 The Trade Services SEG (2/3)

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Slide 34 ISO_20022_LV_v42

including actors such as:

Trade facilitators: chambers of commerce,

insurance co, freight forwarders, carriers, customs, factoring

co

Associations providing rules

and master agreements

(eg IFSA, ICC)

Risk managemen

t entities

Private and corporate customers (treasurers

)

Application providers

Financial Institutions

Trade Services Trade Services

ISO 20022 The Trade Services SEG (3/3)

Page 35: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 35 ISO_20022_LV_v42

Members – 23 experts

– 10 countries: AT, AU, CH, DE, FI, FR, GB, NL, SE, US

– 3 liaison organisations: IFX, Mastercard, VISA

Convener: Chris Starr, APACS (GB); Vice-convener: vacant; Secretary: Reinhard Herwig, SRC (DE)

Kick-off meeting: on 23-24 October 2008

Next: ATM interface for transaction processing and ATM management (IFX Forum), Card Payments Exchanges (EPAS Consortium)

ISO 20022 – The Cards & Related Retail Financial Services SEG (1/3)

Page 36: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 36 ISO_20022_LV_v42

Card issuer

Cards and RetailCards and RetailDebit card

covering instruments…

Prepaid card

Charge and credit card

…and actors as:

Card holder

Acceptor (merchant, retailer)

Acquirer

Intermediary agent

Card scheme

Hard- and Software providers

ISO 20022 – The Cards & Related Retail Financial Services SEG (2/3)

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Slide 37 ISO_20022_LV_v42

including business areas such as:

POI messages for payments, administrative

and device related services

Similar messages transacted on

internet or from mobiles or other personal devices

Transactions between

acquirers and card issuers

ATM processes such as

authorization, processing, ATM

management and inventory

Transactions between merchants and acquirers,

and cardholders and issuers that support authorization,

clearing, reversal, chargeback, dispute

processing, etc.

ISO 20022 – The Cards & Related Retail Financial Services SEG (3/3)

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Slide 38 ISO_20022_LV_v42

Members – 24 experts

– 9 countries: BR, CN, FI, FR, GB, JP, NL, US, ZA

– 4 liaison organisations: FPL, Mastercard, SWIFT, VISA

Convener: Derek Lasalle, JP Morgan Chase (US); Vice-convener: Paul Hojka, APACS (GB); Secretary: Kris Ketels, SWIFT

Kick-off meeting: on 23-24 October 2008

Mission: help RMG, RA, SEGs and Submitting Organisations with technical matters

ISO 20022 – Technical Support Group

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Slide 39 ISO_20022_LV_v42

Continuing with today’s agenda

Cross-industry harmonisation

ISO 20022

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Slide 40 ISO_20022_LV_v42

Created in 1997 to improve world-wide co-ordination of

trade facilitation across all industries

Focusing on international standards for electronic

transactions (e.g., ebXML venture with OASIS)

Promoting technology neutral business modelling and

a central repository of core components

Harmonising across all industries with UN/CEFACT

Goal is to establish interoperability between ISO 20022 and UN/CEFACT repositories

United Nations/CEFACT – Centre for trade facilitation and e-business

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Slide 41 ISO_20022_LV_v42

2004:

– TC68, TBG5 and SWIFT sign a cooperation agreement to investigate alignment in line with the objectives of the ‘MoU on e-Business’

– A workplan is agreed between the signatories 2005:

– Recommendation for alignment of methodologies– Trial submission from ISO 20022 to UN/CEFACT

2006:– WG4 takes over technological alignment

2007:

– First official submission from ISO 20022 to UN/CEFACT

– Project of submission from UN/CEFACT to ISO 20022 2008:

– Customer-to-bank payment components harmonised and accepted in UN/CEFACT core component library

Harmonisation between ISO and UN/CEFACT

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Slide 42 ISO_20022_LV_v42

ISTH

Omgeo

CLS

SWIFT

Euroclear

ISITC

ACBI

CoreComponents

CommonBusiness

Processes

DataDictionary

BusinessProcess

Catalogue

UN/CEFACT Registry/Repository

www.iso20022.org

ISO 20022 FinancialRepository

ISO 20022Registration

Management Group

UN / CEFACT(All Industries)

ISO 20022Registration

Authority

ISO 20022Users

BusinessRequests

MessageModels

TBG5 Finance

and TBG17Harmo-nisation

A single ISO-UN/CEFACT approach

ISO 20022Standards

Evaluation Groups

Securities

Payments

Trade Services

Forex

Cards

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Slide 43 ISO_20022_LV_v42

Continuing with today’s agenda

Interoperability within

the financial industry

ISO 20022

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Slide 44 ISO_20022_LV_v42

Working towards interoperability and convergence

Let us look at one concrete example from payments area: a customer may need to adapt to the format of the banks…

Customer A

Bank A

Bank B

Bank C

Proprietary format

SWIFTMT 101

IFX format

Page 45: Slide 1 ISO_20022_LV_v42 ISO 20022 (UNIFI) ISO 20022 Introduction to ISO 20022 – Universal financial industry message scheme

Slide 45 ISO_20022_LV_v42

…or banks may need to accept many formats…

Bank AProprietary format

IFX formatCustomer A

Customer C

Customer B

SWIFTMT 101

Working towards interoperability and convergence

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Slide 46 ISO_20022_LV_v42

SWIFT MT

ISO 20022 Core Payment Kernel model

The reverse engineering produces a canonical ISO 20022 message model and ‘convergence tables’

Proprietary

TWIST OAGi

IFX

Working towards interoperability and convergence

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Slide 47 ISO_20022_LV_v42

Adopting ISO 20022 facilitates convergence and co-existence

IFX

MT 101

Working towards interoperability and convergence

ISO 20022

Core Payment

Kernel

Core Payment

Kernel

IFX

MT 101

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Slide 48 ISO_20022_LV_v42

&&[email protected]

www.iso20022.org