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UNIFI (ISO 20022)
The success of ISO 20022 –
UNIversal Financial Industry
message scheme
Jean-Marie Eloy
Senior Manager, SWIFT
ISO 20022 Registration Authority
UN/CEFACT TBG5 & CRG, 23 January 2008
Slide 1
What is ISO?
International Organization for Standardization
157 Countries
National Standards Bodies (BSI, ANSI, AFNOR, DIN, UNI, etc)
General Assembly
Central Secretariat
Council
Technical Management Board (TMB)
193 Technical
Committees
2,244 Working
Groups
SC 4
Securities
SC 2
Security
540 SubCommittees
WG
TC 68
Financial
Services
TC
TC
WG
WG
WG
WG
WG
TC
50,000
‘voluntary’
experts
SC 7
Banking
WG
WG
WG
16,500 International Standards
580 international or regional Liaison Organisations
Slide 2
Why UNIFI (ISO 20022)?
The UNIFI value proposition
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.
Slide 3
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
Slide 4
UNIFI (ISO 20022)
Supports convergence and co-existence
ISO 15022
IFX
ISO 15022
TWIST
IFX
TWIST
Message
model
MDDL
FpML
FIX
MDDL
FpML
FIX
Long term we want one standard,
but in the interim several standards need to co-exist…
Slide 5
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
Slide 6
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
Slide 7
UNIFI (ISO 20022)
The registration process
R
M
G
Submitter
Industry group or standards body
Business
justification
Business justification
RMG
m
o
n
i
t
o
r
s
SEG
Submitter
& RA
SEG
RA
Project approval & allocation to a SEG
Endorsement of scope and developers
Candidate UNIFI messages
Development & provisional registration
Business validation
UNIFI messages
Official registration and publication
UNIFI
Repository
Dictionary
www.iso20022.org
Catalogue
Slide 8
Registration Management Group (RMG)
Standards Evaluation Groups (SEGs)

RMG (50 senior managers, 18 countries, 9 liaison organisations)
–
–

Payments SEG (34 experts,13 countries, 5 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)
–
–

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)
–

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
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 Services SEG (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
Slide 9
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
SC 4
Securities
SC 2
Security
WG
WG
TC
WG
WG
WG
WG
UNIFI
RMG
SC 7
Banking
WG
WG
WG
SEG
SEG
SEG
SEG
RA
Slide 10
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
Slide 11
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)
Slide 12
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)
Slide 13
Global overview
Payments
Direct Debits / Credit Transfers
Creditor’s
Bank
Exceptions & Investigations
Debtor/
Buyer
Creditor/
Seller
Cash Management
Exceptions & Investigations
Candidate UNIFI
Advice & statement
Cash Management
UNIFI
Direct Debit Initiation
Cash Management
Exceptions & Investigations
Advice & statement
Credit Transfer Initiation
Debtor’s
Bank
Slide 14
Global overview
Trade Services
e-Invoice
Seller’s
bank
Buyer’s
bank
TSU
EBPP
e-Invoice
Invoice
financing
request
UNIFI
Candidate UNIFI
Buyer
Seller
Slide 15
Long term convergence goal
A single ISO-UN/CEFACT approach
UNIFI
Registration
Management Group
UNIFI
Standards
Evaluation Groups
UNIFI
Registration
Authority
UN / CEFACT
(All Industries)
UNIFI
Users
ISTH
Omgeo
UN/CEFACT Registry/
Repository
UNIFI Financial
Repository
Securities
Business
Requests
Core
Components
Data
Dictionary
TBG17
Harmonisation
Common
Business
Processes
Business
Process
Catalogue
CLS
SWIFT
Payments
Euroclear
Message
Models
Trade Services
ISITC
ACBI
www.iso20022.org
Forex
Slide 16
www.iso20022.org
uestions
&A
nswers
[email protected]
Slide 17