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UN/CEFACT Plenary Geneva, 16 - 17 September 2008. SWIFT, ISO 20022 and UN/CEFACT. David Dobbing SWIFTStandards. What is SWIFT?. A co-operative organisation serving the financial industry. A provider of highly secure financial messaging services.

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david dobbing swiftstandards

UN/CEFACT Plenary

Geneva, 16 - 17 September 2008

SWIFT, ISO 20022 and UN/CEFACT

David Dobbing

SWIFTStandards

what is swift
What is SWIFT?

A co-operative organisation serving the financial industry

A provider of highly secure financial messaging services

A standardisation body for the financial industry

swift business dimensions

Established in 1973 by 239 banks in 15 countries

  • Developed shared messaging platform for financial transactions
  • Emphasis on security, reliability and availability

Heritage

  • Serving 8,300 financial institutions across 208 countries
  • Payments, Securities, Foreign Exchange, Treasury and Trade
  • Reducing costs, improving automation, managing risk

Understanding

  • Industry-owned community
  • Overseen by regulatory authorities
  • Impartial to the data transacted across the messaging platform

Neutrality

  • Store and forward, file transfer, interactive query & response
  • Open standards
  • IP over fibre-optic backbone

Technology

SWIFT business dimensions
swift figures december 2007
SWIFT figures (December 2007)

3.5 billion messages per year

8,332 customers

208 countries

Average daily traffic 13.9 million messages

Peak day of 16 million messages 28 September 07

slide5

MT-based

MX-based

Payments and Cash Management Market

Credit transfers

Exceptions & Investigations

Debtor’sFinancial Institution

Creditor’sFinancial Institution

Cash management

Direct debits

MT 1xx, 2xx

MT 9xx

Cash management

Payment initiation (CT + DD)

Exceptions & Investigations

MT 101

MT 9xx

Cash management

Exceptions & Investigations

MT 9xx

Debtor

Creditor

slide6

TSU messages

TSU messages

TSU

MT-based

MX-based

Trade & Supply Chain Market

Guarantees / Standby LCs MT 76x

Collections MT 4xx

Letters of credit MT7xx

Buyer’s

bank

Seller’s

bank

Trade Services Utility

trade services utility

Buyer

Buyer’s Bank

Seller’s Bank

TSU

Trade Services Utility

Financing with or

without recourse

Financing with or

without recourse

Data Matching

Seller

(2) Invoice, Transport, Insurance, Certificate Data

(1) Purchase Order Data

Centralised Workflow & Matching Engine

iso 20022
ISO 20022

UNIFI (UNIversal Financial Industry message scheme)

Objective

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

Challenge

Numerous overlapping standardisation initiatives looking at XML financial messages:

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

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

iso 20022 components
Modelling-based standards developmentISO 20022 – Components

- Syntax-independent business standard

- Validated by the industry

  • Syntax-specific design rules for XML

- Predictable and ‘automatable’

- Protect standard from technology evolution

  • Reverse engineering approach

- Protect industry investment and ease interoperability

- Prepare for future migration

  • Development / registration process

- Clearly identified activities and roles

- Business experts and future users involved upfront

  • Repository on the ISO 20022 website

- Business Process Catalogue & Data Dictionary

- Outside of official standard (maintained by registration bodies)

iso 20022 and un cefact

Buyer’s Bank

Seller’s Bank

Buyer

Seller

ISO 20022 and UN/CEFACT

UN/CEFACT

Administration, Commerce & Transport

  • e-Invoice
  • Remittance Advice
  • Request for Finance
  • etc

ISO 20022 (UNIFI)

Financial

Goal is one of convergence of the standards developed by the two de jure standards bodies, on the commercial side UN/CEFACT, and on the financial side ISO 20022

iso 20022 and un cefact cooperation
ISO 20022 and UN/CEFACT Cooperation
  • 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 UNIFI to UN/CEFACT
  • 2006:
    • WG4 takes over technological alignment
  • 2007:
    • First official submission from UNIFI to UN/CEFACT
    • Project submission from UN/CEFACT to UNIFI
  • 2008:
    • Customer-to-bank payment components harmonised and accepted in UN/CEFACT Core Component Library
iso 20022 and un cefact convergence
ISO 20022 and UN/CEFACT Convergence

UNIFI

Registration

Management Group

UNIFI

Users

UNIFI

Standards

Evaluation Groups

ISTH

UNIFI

Registration

Authority

UN / CEFACT

(All Sectors)

Omgeo

UN/CEFACT Registry/

Repository

UNIFI Financial

Repository

Securities

CLS

Business

Requests

SWIFT

Core

Components

Data

Dictionary

TBG5

Finance

Payments

Euroclear

Message

Models

TBG17

Harmonisation

Common

Business

Processes

Business

Process

Catalogue

Trade Services

ISITC

www.iso20022.org

www.unece.org/cefact/

ACBI

Forex