UNIFI (ISO 20022)
description
Transcript of UNIFI (ISO 20022)
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UNIFI (ISO 20022)
The success of ISO 20022 – UNIversal Financial Industrymessage scheme
UNIFI (ISO 20022)
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UNIFI (ISO 20022)The ISO recipe for all financial messages
ISO 20022 - UNIversal Financial Industry message scheme, the recipe:
syntax neutral business modelling methodology
syntax specific design rules
industry led development/registration process
financial repository on www.iso20022.org
reverse engineering approach to ease coexistence
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ISO 15022
MDDL
TWIST
FIX
FpML
IFX
Why UNIFI (ISO 20022)?Supports convergence and co-existence
IFX
ISO 15022
MDDL
TWIST
FIX
FpML
Message model
Long term we want one standard, but in the interim several standards need to co-exist…
Message model
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Bank A Bank B
CompetitiveSpace
CompetitiveSpace
Cooperative Space
SME’s
Tradefacilitation:ICC Rule Books, e-invoicing
Cash:NCB rules, Industry Standards
Securities:Rule Books, Exchanges, CCP’s
CSD’s, Standardisation
High Value Payments:RTGS, EURO1 and CHIPS
Cards:Rule Books, Card Schemes,
Cards Processors
Certification & Networks:SWIFT
Commercial Payments:Rule Books, Clearing Houses,
Processors
Financial Institutions
Corporates
Merchants
Consumers
PublicAdmini-strators
Financial Institutions
PublicAdmini-strators
Corporates
SME’s
Merchants
Consumers
Cooperative space for business rules
Cooperative space for standards
FX and Money Markets:Rule Books, CLS
Why UNIFI (ISO 20022)?Convergence in the cooperative space
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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, XBRL, CIDX, etc.
Market Infrastructures (MIs): DTCC, FED, EBA, Target, CLS, Euroclear, Omgeo, etc.
International or national standards setters: ACBI, ISITC, ISO TC68 WGs, UN/CEFACT TBG5, OMG, EPC, etc.
There are also catalysts for interoperability and convergence, such as SEPA, Giovannini, MiFID, e-Invoicing
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UNIFI (ISO 20022) The registration bodies Registration Management Group - RMG
(Overall governance)– 50 senior managers from 18 countries and 9
international standards organisations Standards Evaluation Groups – SEGs
(User representatives)– Payments (39 experts,13 countries, 5 organisations)
– Securities (54 experts, 16 countries, 7 organisations)
– Forex (26 experts, 11 countries, 3 organisations)
– Trade (23 experts, 12 countries, 2 organisations) Registration Authority – RA
(Maintaining UNIFI repository)
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UNIFI (ISO 20022) The registration process
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
RMG
monitors Submitter
& users
www.iso20022.org
Candidate UNIFI messages
UNIFI messages
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The UNIFI recipe is used! (1/9)Payments
Debtor
Debtor’sfinancial
institution
Creditor’s financial institution
UNIFI
Creditor
Cash Management
Direct Debits / Credit Transfers
Exc
eptio
ns &
Inv
estig
atio
ns
Cre
dit
Tra
nsf
er I
nitia
tion
Exc
eptio
ns &
Inv
estig
atio
ns
Dire
ct D
ebit
Ini
tiatio
n
Candidate UNIFI (in development)
Adv
ice
& S
tate
men
t
Adv
ice
& S
tate
men
t
Exceptions & InvestigationsC
ash
Man
age
men
t
Cas
h M
ana
gem
ent
Change/Verify Account IdentificationC
hang
e/V
erif
y A
ccou
nt I
dent
ifica
tion
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29 UNIFI messages approved and published:– Customer payment initiation– Interbank payment clearing and settlement– Payments exceptions & investigations– Bank-to-customer cash management
Candidate UNIFI messages under evaluation:– none
Candidate UNIFI messages approved for development:– Cash management– Change/verify account identification
New development proposals:– E-Mandates– Creditor payment activation request
The UNIFI recipe is used! (2/9)Payments message portfolio is growing!
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The UNIFI recipe is used! (3/9)Securities - equities and fixed income
Custodian
Pre-trade / Trade (FIX/SWIFT)
I/CSD
Settlement & reconciliation
(SWIFT)
Seller
Clearingagent
Buyer
ISO 15022
UNIFI
Candidate UNIFI (in development)
Issuers’ Agent
Issuers’ agent communication
(Euroclear)
Trade / Post-Trade (Omgeo)
Registrar
Registration communication(Euroclear)
CorporateActionsProxy Voting (SWIFT)
ReconciliationTPV Statement(SWIFT/ISITC)
Pre-Settlement(SWIFT)
Reconciliation(SWIFT)
Corporate
Actions(SWIFT)
Pre-Settlement(SWIFT)
CorporateActions(SWIFT)
Settlement & reconciliation
(SWIFT)
Market Claims
(Euroclear)
Regulators
Transaction regulatory reporting (SWIFT)
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Fundaccountant
Institutional investor
Investmentmanager
Transferagent
Fund cash forecast report
Price report
Account management
UNIFI
Candidate UNIFI (in development)
New plan manager
Old plan manager
PEP/ISA/Portfolio transfers
The UNIFI recipe is used! (4/9)Securities - investment funds (CIV)
Order & confirmation & status
Transfer & confirmation & status
Statements
FPP report provider, e.g. Fund manager
FPP report user, e.g. Fund distributor
Request for fund report
FPP report
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79 UNIFI messages approved and published:– Investment funds distribution – Securities transaction regulatory reporting– Proxy voting
Candidate UNIFI messages under evaluation:– Securities pre-trade/trade
Candidate UNIFI messages approved for development:– Issuers’ agents communication
– Total portfolio valuation statement
– Securities post-trade
– Securities registration and holder identification
– Securities market claims and automatic transformation
– Securities settlement and reconciliation
– Securities corporate actions– Securities Issuance – Fund processing passport report– Triparty collateral management
New development proposals:– none
The UNIFI recipe is used! (5/9)Securities message portfolio is growing!
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The UNIFI recipe is used! (6/9) Forex
FX order
Orderingparty
Settlementparty
custodian
Trading party
Trading party
FX & Loan/Deposit Advice & Allocations
Loans and deposits
Foreign exchange and currency options
Interest rate swaps
Central Settlement System
NDF and Foreign Exchange Option Notifications
NDF and Foreign Exchange Option Notifications
NDF Opening and Valuation Notifications andForeign Exchange Option Premium Notifications
MTs
FpML CUG (Trade Notifications)
UNIFI
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15 UNIFI messages approved and published:– Forex notifications
Candidate UNIFI messages under evaluation:– none
Candidate UNIFI messages approved for development:– none
New development proposals:– none
The UNIFI recipe is used! (7/9)FX message portfolio is growing!
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Seller’s bank
Buyer’s bank
TSU
TSU messages TSU messages
Candidate UNIFI
UNIFI
Buyer Seller
e-Invoice
Invoice financing requestEBPP
The UNIFI recipe is used! (8/9)Trade Services
e-Invoice
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53 UNIFI messages approved and published:
– Invoice financing request – Trade services management
Candidate UNIFI messages under evaluation:– none
Candidate UNIFI messages approved for development:– E-invoice
New development proposals:– none
The UNIFI recipe is used! (9/9)Trade message portfolio is growing!