ISO 20022
The success of ISO 20022 –
Universal financial Industry
message scheme
ISO_20022_SV_v99
Slide 1
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
ISO_20022_SV_v99
Slide 2
Why 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…
ISO_20022_SV_v99
Slide 3
Why ISO 20022?
Convergence in the cooperative space
Competitive
Space
Cooperative Space
Competitive
Space
High Value Payments:
RTGS, EURO1 and CHIPS
Financial
Institutions
Financial
Institutions
FX and Money Markets:
Rule Books, CLS
Commercial Payments:
Public
Administrators
Public
Administrators
Rule Books, Clearing Houses,
Processors
Cards:
Rule Books, Card Schemes,
Cards Processors
Corporates
Bank A
SME’s
Tradefacilitation:
ICC Rule Books, e-invoicing
Corporates
Bank B
SME’s
Cash:
NCB rules, Industry Standards
Merchants
Securities:
Merchants
Rule Books, Exchanges, CCP’s
CSD’s, Standardisation
Consumers
Certification & Networks:
Consumers
SWIFT
Cooperative space for business rules
Cooperative space for standards
ISO_20022_SV_v99
Slide 4
The ISO 20022 recipe - For whom?
Potential users and developers

communities of users looking for interoperability and more costeffective communications

Message development organisations: BIAN, CBI Consortium, FPL,
FpML, IFX Forum, TWIST, SWIFT, OAGi, ACORD, XBRL, nexo A.I.S.B.L
(formerly EPASOrg), Berlin Group, ANBIMA, ASF, etc.

Market Infrastructures (MIs): DTCC, FED, China UnionPay, EBA, Target,
CLS, Euroclear, Clearstream, Omgeo, T2S, China Foreign Exchange
Trade System, ECB-Banque de France-Banco de España-Deutsche
Bundesbank, etc.

International or national standards setters: ISITC, ISO WGs,
UN/CEFACT, EPC, Payments UK, FFI, The Danish Bankers Association,
the Russian Corporate Market Practice Group (RUCMPG), etc.
There are also catalysts for interoperability and convergence, such
as SEPA, T2S, Giovannini, MiFID, e-Invoicing
ISO_20022_SV_v99
Slide 5
ISO 20022
The registration bodies

Registration Management Group - RMG
(Overall governance)
– 62 senior managers from 21 countries and 10 international organisations

Standards Evaluation Groups – SEGs
(User representatives)
– Securities (57 experts, 15 countries, 7 organisations)
– Payments (63 experts, 18 countries, 5 organisations)
– Cards and related retail financial services (33 experts, 14 countries, 5
organisations)
– Trade Services (34 experts, 13 countries, 1 organisation)
– Forex (24 experts, 9 countries, 3 organisations)

Technical Support Group – TSG
(ISO 20022 technical advisors)
– 25 experts from 10 countries and 4 international organisations

Registration Authority – RA
(Maintaining ISO 20022 repository)
ISO_20022_SV_v98
Slide 6
ISO 20022 The registration process
Development Process
R
M
G
m
o
n
i
t
o
r
s
ISO_20022_SV_v99
Submitting
organisation
Business
justification
RMG
Financial organisation or standards body
Business justification
Project approval & allocation to a SEG
Candidate ISO 20022 messages
Submitting
organisation
& RA
Development & provisional registration
SEG
Business validation
RA
Official registration
and publication
Submitter
& users
ISO 20022 messages
Optional pilot testing
or first implementers
Repository
Dictionary
www.iso20022.org
Catalogue
Slide 7
ISO 20022 registration process
Yearly maintenance process
Timing
By June 1
By July 7
By August 21
By October 1
By December 1
By February 1
April-May
ISO_20022_SV_v99
Users CRs
SEG
Submitting
organisation
SEG
Submitting
organisation
& RA
SEG
RA
Submitting
organisation
& users
Users introduce Change Requests to the RA
SEG screens Change Requests (CRs)
Submitting organisation prepares ‘Maintenance
Change Request’ with each CR implementation
SEG approval/rejection
Development of new versions
Validation of new versions
Registration and publication
First implementers
Repository
Dictionary
Catalogue
Slide 8
ISO_20022_SV_v99
Stand-Alone Remittance Advice
Account Reporting Request
Bank Services Billing
Debtor
ISO 20022
Candidate ISO 20022 (in development)
Stand-Alone Remittance Advice
Bank Services Billing
Notification to Receive
Creditor Payment Activation Request
Account Switching
Mandates
Cash Management
Exceptions & Investigations
Debtor’s
bank
Advice & Statement
Financial
Investigations
Direct Debit Initiation
Authorities
Creditor Payment Activation Request
Bank Account Management
Change/Verify Account Identification
Exceptions & Investigations
Advice & Statement
Credit Transfer Initiation
The ISO 20022 recipe is used! (1/11)
Payments
Credit Transfers / Direct Debits / Mandates
Exceptions & Investigations
Change/Verify Account Identification
Creditor Payment Activation Request
Creditor’s
bank
Creditor
Slide 9
The ISO 20022 recipe is used! (2/11)
Payments message portfolio is growing!




64 ISO 20022 messages approved:
–
Customer payment initiation
–
Interbank payment clearing and settlement
–
Payments exceptions & investigations
–
Bank-to-customer cash management
–
Mandates
–
Change/verify account identification
–
Bank account management
–
Creditor payment activation request
–
Cash account reporting request & notification messages
–
Bank services billing
–
Authorities financial investigations
–
Stand-alone remittance advice messages
Candidate ISO 20022 messages under evaluation
–
None
Candidate ISO 20022 messages approved for development:
–
Cash management
–
Account switching
–
Mandate Status List
–
Financial Institution Direct Debit
–
Cross Border Transaction Currency Control Reporting (CTCCR)
New development proposals:
–
Payment Pre-Authorization (PaPA)
ISO_20022_SV_v99
Slide 10
The ISO 20022 recipe is used! (3/11)
Card message portfolio is growing
Authorisation (ATICA)
Issuer
Acceptor
ISO_20022_SV_v98
ATM terminal Management
ATMI transaction authorisation
POI Terminal Management (CAPE)
POI transaction authorisation (CAPE)
Acquirer
ISO 20022
Candidate ISO 20022 (in development)
Sale Management
(CAPE)
Slide 11
The ISO 20022 recipe is used! (4/11)
Cards and related retail financial services

44 ISO 20022 messages approved:
–
–

13 candidate ISO 20022 messages under evaluation
–

Card payments exchanges (CAPE) – Acceptor to Acquirer and Terminal
Management
ATM interface for transaction processing and ATM management
Acquirer to issuer card messages (ATICA)
Candidate ISO 20022 messages approved for development:
–
–
–
Card Payments Exchanges (CAPE) - Sale-to-POI management
Dispute Resolution in Cards Fee Collection
Payment Tokens Management Exchanges (TOKE)
ISO_20022_SV_v98
Slide 12
The ISO 20022 recipe is used! (5/11)
Securities - equities and fixed income
Seller
Buyer
Pre-trade / Trade (FIX/SWIFT)
Post-Trade (Omgeo/SWIFT)
CCP Clearing (FPL/SWIFT)
Regulators
Settlement
Corporate (SWIFT)
Actions
(SWIFT)
Reconciliation
TPV Statement
(ISITC/SWIFT)
Transaction Regulatory Reporting (SWIFT)
Settlement
(SWIFT)
ISO 20022
Candidate ISO 20022
(in development)
ISO 15022
Corporate
Actions
(SWIFT)
Reconciliation
(SWIFT)
I/CSD
Custodian
Settlement &
Reconciliation
(SWIFT)
Issuers’ Agent
Corporate
Communication
Actions
(Euroclear)
(SWIFT)
Settlement &
Reconciliation
(SWIFT)
Clearing
agent
Issuers’ Agent
ISO_20022_SV_v99
Slide 13
The ISO 20022 recipe is used! (6/11)
Securities - investment funds (CIV)
Old plan
manager
PEP/ISA/Portfolio Transfers
New plan
manager
Order & Confirmation & Status
Alternative Funds Order, Confirm & Status
Institutional
investor
Transfer & Confirmation & Status
Transparency of Holdings
Statements
Account Management
Prospectus or
FPP report
user, e.g.
Fund
distributor
Request for Fund Report
FPP Report
Prospectus or
FPP report
provider, e.g.
Fund manager
ISO_20022_SV_v99
Fund
accountant
Price
Report
Transfer
agent
Fund Cash
Forecast
Report
Investment
manager
ISO 20022
Candidate ISO 20022 (in development)
Slide 14
The ISO 20022 recipe is used! (7/11)
Securities message portfolio is growing!

178 ISO 20022 messages approved and published:
–
–
–
–
–
–
–
–
–
–
–

Candidate ISO 20022 messages under evaluation:
–


Investment funds distribution
Securities transaction regulatory reporting
Proxy voting
Issuers’ agents communication
Fund processing passport report
Securities settlement and reconciliation
Securities corporate actions
Securities post-trade
Total portfolio valuation report
CCP Clearing
Collateral management
None
Candidate ISO 20022 messages approved for development:
–
–
–
–
–
Alternative funds
TARGET2-Securities
SSI for Securities, Payments & FX
Transparency of holdings
S&R and CA - ISO 15022 variants
–
Money Market Statistical Reporting (MMSR)
New development proposals:
–
Market Claims
Slide 15
The ISO 20022 recipe is used! (8/11)
Forex
Ordering
party
ISO 20022
MTs
FpML CUG (Trade Notifications)
FX order
Interest rate swaps
Trading
party
Foreign exchange and currency options
Loans and deposits
FX & Loan/Deposit
Advice & Allocations
Settlement
party
custodian
NDF Opening and Valuation
Notifications and
Foreign Exchange Option Premium
Notifications
NDF and Foreign
Exchange Option
Notifications
Trading
party
NDF and Foreign
Exchange Option
Notifications
Central
Settlement
System
ISO_20022_SV_v99
Slide 16
The ISO 20022 recipe is used! (9/11)
FX message portfolio is growing!

15 ISO 20022 messages approved and published:
– Forex notifications

13 candidate ISO 20022 messages under evaluation:
– Post Trade FX messages

Candidate ISO 20022 messages approved for
development:
– FX Post-Trade Confirmation, FX Post-Trade Trade Capture

New development proposals
– None
ISO_20022_SV_v99
Slide 17
The ISO 20022 recipe is used! (10/11)
Trade Services
Buyer’s
bank
Seller’s
bank
ISO 20022
Candidate ISO 20022
(in development)
Financial Invoice
Invoice Financing Request
TSU
Factoring Services
Financial Invoice
Financial Invoice
Tax
Authority
Financial Invoice
Buyer
ISO_20022_SV_v99
Seller
Slide 18
The ISO 20022 recipe is used! (11/11)
Trade message portfolio is growing!


85 ISO 20022 messages approved:
– Invoice financing request
– Trade services management
– Financial invoice
– Demand guarantees and standby letters of credit
– Factoring services
Candidate ISO 20022 messages under evaluation:
–


None
Candidate ISO 20022 messages approved for development:
– Invoice Tax Report
New development proposals:
– None
ISO_20022_SV_v99
Slide 19
Who is interested by ISO 20022?
From 23 March 2014 to 23 March
2015, www.iso20022.org had
427,671 visits from 260,928
visitors from 200 countries
23 Mar 14 – 23 Mar 15
Continent
Europe
Asia
Americas
Oceania
Africa
ISO_20022_SV_v99
Number
of visits
261,330
74,730
71,013
10,751
8,118
%
61.4%
17.5%
16.7%
2.5%
1.9%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Country/Territory
United States
United Kingdom
France
Germany
India
Switzerland
Spain
Italy
Belgium
Sweden
Netherlands
Australia
Japan
Singapore
Canada
Finland
Russia
Poland
Norway
Brazil
China
Denmark
Austria
Hong Kong
Portugal
South Africa
Ireland
Sessions
52,912
38,859
34,461
28,058
27,981
18,681
18,033
15,414
13,467
12,714
12,631
9,619
8,112
8,088
7,269
7,269
7,138
5,444
5,148
5,046
4,775
4,463
4,321
4,199
3,406
3,361
3,360
%
12%
9%
8%
7%
7%
4%
4%
4%
3%
3%
3%
2%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
85%
Slide 20
www.iso20022.org
uestions
&A
nswers
[email protected]
ISO_20022_SV_v99
Slide 21
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The success of ISO 20022