iso 20022 programme - swift
TRANSCRIPT
ISO 20022 ProgrammeQuality data, quality payments
Awareness Webinar – ISO Overview
2
What is ISO 20022?
ISO 20022 Programme - Quality data, quality payments
3
What is ISO 20022?
Proprietary
MT
ISO 7775 ISO 15022 ISO 20022
Payments
Treasury & Trade
1973
Securities only
1984Securities only
1999 20042000
• Paper-based
• Proprietary syntax
• Point-to-point
• One size fits all
• SWIFT only
• Reference standard
• Electronic
• Open, neutral syntax
• End-to-end transaction
• Market practice
• SWIFT + other organisations
FIN MT:
Computer-processable
versions of telexes
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Governance Responsibility
• Approval of the international standard
• Selection of the Registration Authority and
set-up of the http://www.iso20022.org
• Creation of Registration Management
Group (RMG)
• Creation of Standards Evaluation Groups
(SEG)
• Registration and publication of first ‘ISO
20022 messages’
• Approval of a new edition of the international
standard in 2013
4
ISO 20022 message
catalogue
Published on www.iso20022.org
MyStandards
Maintenance process –
built on strict business
justifications and review
process - leading to new
‘versions’ of the
messages
‘PAIN’ = Payment Initiation = used in Corporate-to-bank
‘PACS’ = Payment Clearing and Settlement = used in Payments
‘SESE’ = Securities settlement = used in Securities
‘SEMT’ = Securities management = used in Securities
‘SEEV’ = Securities events = used in Securities
23 Business Areas – examples :
More than 20 submitting
organisations, besides
SWIFT
More than 320
messages, covering
payments, securities,
trade services, FX, cards.
ISO 20022 Programme - Quality data, quality payments
What is ISO 20022?
Why is the Industry Adopting ISO 20022?
Enabling a hyper-connected payment world
Payments
revolution
Payments are rapidly transforming, with new players world-wide, transforming
to meet the customer requirements and improving the customer experience.
ISO payment and report formats are a key element of this transformation
Domestic
modernization
Real time payments are quickly becoming the consumer payment method of
choice and will quickly be an international payment option 24/7. ISO systems
Global payments
innovation
SWIFT gpi is driving unprecedented change –
delivering fast, transparent and trackable cross-border payments
A hyper-connected
payment world
Through global harmonization of payment formats we are prepared for a future
where complex and data rich payments move through any domestic and/or cross-
border payment system, and are credited to beneficiaries – Instantly.
Regulatory
requirementsFacilitates complying with ever changing and broader regulatory requirements.!
ISO 20022 Programme - Quality data, quality payments 5
ISO 20022 Programme - Quality data, quality payments 6
The Cross-border Payments & Reporting Group (CBPR+) defines how ISO 20022
will be used in FI to FI payments and reporting
CBPR+ is:
A group of your peer banks advising SWIFT on how ISO 20022
should be used and proposes changes.
A collection of global ISO 20022 Market Practice and Usage
Guidelines for selected messages from the SWIFT MT Category 1,
2 & 9 messages.
The CBPR+ group works closely with the HVPS+ to ensure
harmonization of any message additions or changes.
ISO 20022 Programme - Quality data, quality payments 7
The High Value Payment System defines how ISO 20022 will be used in regional
clearing systems
HVPS+ is:
A group of Central Banks and Clearing House services advising
SWIFT on how ISO 20022 should be used for harmonization of
global clearing.
A collection of global ISO 20022 Market Practice and Usage
Guidelines for selected messages.
The HVPS+ group works closely with the CBPR+ group to ensure
any new messages or message change requests are coordinated.
8
ISO 20022 XML message identifier
ISO 20022 Programme - Quality data, quality payments
4!a . 3!c . 3!n . 2!n
Version
Variant
Message identifier/functionality
Business area
pacs.008.001.08
Version 8
Variant 1
FI To FI Customer
Credit Transfer
Payments Clearing and
Settlement
Example
9
How is an MT structure different from an MX structure?
ISO 20022 Programme - Quality data, quality payments
MT ISO 20022 (MX)
<AppHdr>
…
</AppHdr>
<Document>
…
</Document>
ISO 20022
Business
Application Header
ISO 20022
Message
Business
Message
ISO 20022 Programme - Quality data, quality payments 10
MT/ISO 20022 Translation rules – Where to find out more
https://www2.swift.com/mystandards/#/c/cbpr/landing
Q1 2020 User Handbook
iteration will include a full section
describing the Translation
mapping principals.
MT/ISO 20022 Translation
section of the CBPR+ landing
page
ISO 20022 Programme - Quality data, quality payments
Special characters are
additionally allowed in:
• All party (agents and
non-agents) Name and
Address elements
• The Related Remittance
Information elements
• The Remittance
Information (structured
& unstructured)
elements
List of special characters:
!#&%*=^_’{|}~";@[\]
Additionally special
characters $ and > < signs
are enabled for the Email
Address elements
Currencies in the payments
should be expressed in ISO
Currency Codes only (3-
Characters, e.g. EUR)
Character Set
Translation of any special
character:
!#&%*=^_’{|}~";@[\]$ ><
into MT messages will be
represented by a . (Full
Stop)
All SWIFT ISO MX
message elements (fields)
which are defined (by data
Type) as text are restricted
to FIN X Characters:
a-z A-Z 0-9 / - ? : ( ) . , ' + .
$
<
>
!
#
&
%
*
=[
\
]
Note: While ISO 20022 base standards support non-Latin characters, CBPR+ will
only support Latin characters in Phase 1 and Phase 2
11
ISO 20022 Programme - Quality data, quality payments
Example of Instructed Reimbursement Agent - Postal Address
<InstdRmbrsmntAgt>
<FinInstnId>
<ClrSysMmbId>
<ClrSysId>
– <Cd>ITNCC</Cd>
</ClrSysId>
<MmbId>0123401600</MmbId>
</ClrSysMmbId>
<PstlAdr>
<StrtNm>Via dei Gigli</StrtNm>
<BldgNb>1</BldgNb>
<BldgNm>Palazzo Viola</BldgNm>
<Flr>7 Piano</Flr>
<PstCd>20100</PstCd>
<TwnNm>Milano</TwnNm>
<TwnLctnNm>Quartiere Isola</TwnLctnNm>
<DstrctNm>Provincia di Milano</DstrctNm>
<CtrySubDvsn>Lombardia</CtrySubDvsn>
<Ctry>IT</Ctry>
</PstlAdr>
</FinInstnId>
</InstdRmbrsmntAgt>
Principle #2
MX
::54D://IT0123401600
NOTPROVIDED
Via dei Gigli,1,Palazzo Viola,7 Pi+IT/Milano,20100,Quartiere Isola,Lom
bardia,Provincia di Milano
MT
12
13
Why ISO 20022?
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Programme - Quality data, quality payments 14
A global shift to ISO 200222
In the next 5 years, ISO 20022 will dominate
high-value payments, supporting over 80% of
transactions values worldwide
ISO 20022 has been adopted by market
infrastructures in 70+ countries replacing
domestic or legacy formats
ISO 20022 is the key standard in next gen
payment schemes, including instant payments,
move to 24x7, supporting open banking over
APIs, and others
This shift is already impacting the
cross-border payment system; under the
Eurosystem ‘big bang’ move to ISO 20022
Delivering next gen payments
Growing impactGlobal domination
A rush to ISO 20022
Live year
CIPS Phase 1 CNY
BOJ-NET JPY
SIC CHF
ISO 20022 Programme - Quality data, quality payments 15
80% of global high value payments volumes will adopt ISO 20022 by 2025
15 planned
10 live
6 under
discussion
SAMOS ZAR
BISS BYRBESP RUB
LVTS CADCHIPS USD
Fedwire USD CHAPS GBP
BN-RTGS BND
NG-RTGS INR
CNAPS CNY
All reserve currencies
are either live or have
declared a live date:
USD, EUR, JPY, GBP,
CNY, CHF
CHATS HKD
RENTAS MYR
MEPS+ SGD
EURO1 EUR
TARGET2 EUR
Note: List of market infrastructures is
indicative and not exhaustive
Updated December 2019
Planned MI adoption of ISO 20022
AMUK
UK, CHAPS HVP Q2 2022 - Rich ISO, big bang
US, Fedwire HVP TBC - TBC after industry
consultation, planned
Q1/2 2020
US, CHIPS HVP TBC - TBC after industry
consultation, planned
Q1/2 2020
CA, LVTS HVP Nov 2023 - New MX CUG planned
Apr-Jun 2021, in parallel
to MT
- MX only target date
planned for Nov 2023
EMEA
CH, SIC HVP 2015 - Live, rich ISO
EU, T2 HVP Nov 2021 - Rich ISO, big bang
EU, EURO1 HVP Nov 2021 - Rich ISO, big bang
RU, RTGS HVP TBC
UA, UIPI HVP TBC
TN, RTGS HVP TBC
ZA, SAMOS HVP TBC
FI, Urgent
Payments
RTP TBC
APAC
CN, CNAPS2 HVP 2012 - Live, rich ISO, domestic
market practice
IN, NG-RTGS HVP 2013 - Live, like for like, domestic
market practice
BN, RTGS HVP 2014 - Live, like for like, domestic
market practice
CN, CIPS X-
borde
r
2015 - Live, rich ISO, proprietary
market practice
JP, BOJ-NET HVP 2015 - Live, like for like, domestic
market practice
BD, RTGS HVP 2015 - Live, like for like, domestic
market practice
HK, CHATS HVP Q1 2022 - Like for like, big bang
SG, MEPS+ HVP Q4 2021(Tentative)
- Like for like++ with rich ISO
from 2023 - big bang
MY, RENTAS HVP TBC - Like for like, big bang
TH, Bahtnet HVP Q2 2022 - Enhanced, big bang
VN, NAPAS HVP No plan
PH, Philipass HVP Q1 2021 - Enhanced, big bang
ID, RTGS HVP Discussion
NZ, RTGS HVP Q4 2021 (tentative)
- Enhanced, coexistence
AU-RITS HVP Q4 2021 - Enhanced, coexistence
PG. KATS HVP Discussion
FJ, Fijiclear HVP Discussion
Notes:
1. This is based on publicly available information at the time of publishing this slide. Actual
dates for adoption of ISO 20022 should be confirmed with the payment system operator;
2. All MI’s are planning HVPS+ market practice compliance unless otherwise stated
L
i
v
e
Updated Jan 2020
U
ISO 20022 Programme - Quality data, quality payments 16
17
New capabilities enabled by ISO 20022
Rich rails
ISO 20022
ISO 20022 Programme - Quality data, quality payments
Rich data End to end
Structured &
meaningfulRight the
first time
ISO 20022 Programme - Quality data, quality payments
Starting November 2022 FI’s will be impacted by rich & structured data in
ISO 20022 from payment systems
Provide / map from
golden source
structured data
SWIFT
or MI
Debtor Debtor
agent
Intermediary
agent(s)
SWIFT
or MI
Debtor
agent
Creditor
Encourage
structured data
Forward
structured data
Process
structured data
Provide
Creditor data*
Provide
Debtor data
Encourage
Creditor data*
Encourage
Debtor &
Creditor data*
Encourage
Debtor &
Creditor data*
Encourage
Debtor &
Creditor data*
Forward
Creditor data*
Forward
Debtor &
Creditor data*
Forward
Debtor &
Creditor data*
Forward
Debtor &
Creditor data*
Monitor / Screen
Debtor &
Creditor data*
Monitor / Screen
Debtor &
Creditor data*
Monitor / Screen
Debtor &
Creditor data*
* This also applies for ultimate parties
Source: PMPG, July 2019
18
19
How will SWIFT help?
ISO 20022 Programme - Quality data, quality payments
Reminder: current timeline
Cross-border migration coexistence period
in-flow translation to minimise impact on long-tail beneficiary banks
SWIFT messaging solutions for ESMIG, BoE
ISO 20022 Programme - Quality data, quality payments 20
21
Today
Financial institutions today can modify data along the transaction lifecycle
– the SWIFT infrastructure operates on messages, not transactions
Implications
SWIFT only acts on
messages and does not
facilitate or validate the
transaction
Weakest link issues as the
least rich message format in
the chain is received by the
beneficiary
ISO 20022 Programme - Quality data, quality payments
MT message
MT message MT message
MT message
Originator
Intermediary
Bank
Originator
Bank
Beneficiary
Beneficiary
Bank
MT Message flows (over SWIFT network)
Payments Example
22
Tomorrow
SWIFT will enable all customers in a transaction to communicate in multiple
formats and will be backwards compatible with existing infrastructure Implications:
Business Enabler – access to
new value add data services to
support growth and greater
efficiency
Reduced Friction – better
customer experience, increased
efficiency, mutualized services
Rich Data and Analytics –
improved data quality and
guaranteed transaction integrity
A state of the art technology
platform
- End-to-end transaction integrity
- Backwards compatibility
- Rich open ecosystem
ISO 20022 Programme - Quality data, quality payments
Originator
Intermediary
Bank
Originator
Bank
Beneficiary
Beneficiary
Bank
Transaction
data
Transaction
Management
Data
Serv
ices D
ata
Serv
ices
Data Exchange
AP
Is
Messagin
g
Data Exchange
Data Exchange (over SWIFT – API & MT/MX Messaging)
MT/MX Message flows (maintained as needed)
Payments Example
Updated phased approach
SWIFT continues to support MI migrations (ESMIG,
BoE etc.) per current plans
Cross-border MT
with market-practice
New platform
ISO 20022 data model, access via messaging or API
Cross-border migration
1 2 3
ISO 20022 Programme - Quality data, quality payments 23
ISO 20022 Programme - Quality data, quality payments 24
What is changing?
FeaturesSupported products &
releases
• ESMIG ISO 20022 to MT market practice (*) • N/A
• Opt-in FINplus service for CBPR+ message types, with
no in-flow translation or RMA’s copied from FIN
• Access / Entry 7.4.50, 7.5
• AMH 4.1
• ESMIG ISO 20022 to MT Translator solution (*) • Standalone Translator
• Embedded Translator
• Access 7.4 or 7.5 with IPLA
• AMH 3.7, 4.0 or 4.1
Availability
• June 2020, published on
MyStandards with Readiness
Portal for testing
• Messaging service possible in
pilot Nov 2020, live Nov 2021
• Access 7.4.50 GA July 2020
• Access 7.5 GA July 2020
• AMH 4.1 GA July 2020
• Pilot in Q3 2020
• GA in Q1 2021
* NOTE: Timeline for EURO1 ISO 20022 to MT market practice and
Translator solution to be defined
Updated phased approach to do better
Sustain the aim to…
Support cross-border payments migration to ISO 20022, allowing community to
adopt at own pace during a coexistence period
1. Reducing impact on customers;
2. Accelerating rich ISO 20022 data adoption;
3. Providing value-added services in the centre.
…while
2020 –
20211
▪ Banks continue investment in ISO 20022 at own pace
▪ Existing commitments for ESMIG, BoE, etc. will be respected
▪ Channels, core banking systems, customer data
End –
20212
▪ MT for cross-border with market practice to cater for overflow data concerns for payments originating in ISO
20022-native PMIs including Target 2 and EURO1:
▪ Mapped parties use F- format, party data prioritised according to Wolfsberg transparency standards
▪ Market agreement on remittance information (e.g. no extended remittance for HVP with cross-border leg until
2023)
▪ SWIFT offers free on-premises translation from cross-border (CBPR+) ISO 20022 to MT, for ISO 20022-native
Eurozone HVP participants, during the one-year transition to the new platform
End –
20223
▪ New capabilities to accelerate availability of richer data for early adopters, leveling-up common features including
sanctions screening and fraud detection while removing dependency on intermediaries including PMIs
▪ ISO 20022 canonical data model; rich data end-to-end
▪ Complete transaction data maintained in the platform (MT intermediaries no longer ‘break the chain’)
▪ Adapts to capabilities of participants (MT, ISO 20022 messaging, API)
▪ API and GUI access to extended data
ISO 20022 Programme - Quality data, quality payments 25
26
Why is the plan changing?
• The SWIFT Board endorsed a new approach to the adoption of ISO 20022 for cross-border payments and cash reporting business.
• The new approach benefits from centralised transaction management capabilities under development by SWIFT. This will allow
banks to adopt ISO 20022 at their own pace, accelerate realization of the benefits of rich, structured data offered by the standard and
reduce the total industry cost of adopting ISO 20022.
• Our commitment to improved transaction data quality through the use of ISO 20022 remains a cornerstone of SWIFT’s approach and
the end-date for the migration remains unchanged: MT category messages used in cross-border payments will be replaced by
November 2025.
What is changing?
• New capabilities will maintain complete data and transaction state information centrally, relieving intermediaries from the obligation of
passing on complete data
• Customers can continue with the formats and protocols they use today, and implement ISO 20022 at their own pace without
impacting the rest of the community
• To avoid investment in short-lived, messaging-only ISO 20022 solution, use of the existing MT standard for cross-border payments
will be extended by one year.
• From end-2022 customers will have the option of ISO 20022 messaging or APIs from end-2022. The MT standard will be supported
for backward compatibility only and new developments will be based on ISO 20022 data.
• The end-date for migration from MT to ISO 20022 payments remains unchanged. MT messages for cross-border payments will be
deprecated by November 2025.
• The new approach impacts SWIFT cross-border payments only. ESMIG and other MI initiatives are not impacted.
1. SWIFT will provide a better
approach, speeding adoption
& reducing costs
2. SWIFT is committed to
ISO 20022 & quality data in
payments
5. Only cross-border
payments are impacted
3. New capabilities will be
provided
4. Coexistence will begin end-
2022, with ISO 20022
messaging & APIs
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Programme - Quality data, quality payments 27
How do I prepare for ISO 20022?
• CBPR+ usage guidelines will continue to be the basis of the new approach.
• Your investment is not wasted and you can use ISO 20022 messaging starting end-2022.
• SWIFT will offer free on-premises translation from cross-border (CBPR+) ISO 20022 to MT, for ISO 20022-native Eurozone HVP
participants, during the one-year transition to the new platform
• You should adopt ISO 20022 as the underlying data model across your systems and processes. Translation solutions are stop-gap
measures and should not be the default choice.
• You should
1. assess the impact of a strategic move to ISO 20022;
2. get trained;
3. identify vendor and in-house solutions; and
4. plan a roadmap of adoption across domestic market infrastructures and SWIFT cross-border payments.
• SWIFT provides services that will support you in your journey.
6. CBPR+ usage guidelines
will be the basis of the new
approach
7. Use the time to prepare
for strategic adoption of
ISO 20022
ISO 20022 Programme - Quality data, quality payments 28
SCORE is out of scope of the ISO 20022 programme
Corporates can use
ISO 20022 today over
FileAct, formatted in
compliance with CGI market
practice
Corporates are in many-to-
one topology with their banks
and the bank can decide to
support CGI compliant
ISO 20022
Correspondent banks
decided to move
correspondent banking to
ISO 20022. No such mandate
comes from Corporates or
CGI
SCORE is one way of many
that a Corporate sends
messages to banks. Moving
SCORE to ISO 20022 will
add costs with limited benefits
MT 101 can be fully mapped
to CBPR+ pacs.008 with no
data loss. Corporates
remaining on MT will not
increase compliance risk
SWIFT will seek alignment
in and with CGI market
practices in 2021 & onwards
29
ISO 20022
The new language of payments
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Programme - Quality data, quality payments 30
CBPR+ Phase 1 usage guidelines and planned translation rulesUpdated April 2020
U
Existing FIN MTs ISO 20022 equivalent Usage guidelines Translation rules planned
MT 103 / 102 pacs.008.001.0x
Published on MyStandards
Published on MyStandards
MT 200 / 201 / 202 / 202 COV / 203 / 205 pacs.009.001.0x Published on MyStandards
MT 103 RETURN / MT 202 RETURN pacs.004.001.0x Published on MyStandards
MT 103 REJECT / MT 202 REJECT Negative pacs.002.001.0x
MX to MT only
SWIFT to Investigate Field 72 option or MT
199
No Equivalent Positive pacs.002.001.0x No translation planned
MT 210 camt.057.001.0x
Published on MyStandards
MX to MT - Single
MT 900 / 910 camt.054.001.0x Published on MyStandards
MT 941 / 942 camt.052.001.0x No translation planned
MT 940 / 950 camt.053.001.0x Not required – Guidance in UHB
MT 920 camt.060.001.0x No translation planned
head.001.001.0x – v2Published with each request
typeN/A
ISO 20022 Programme - Quality data, quality payments 31
CBPR+ Phase 1 usage guidelines and planned translation rulesUpdated April 2020
U
Existing FIN MTs ISO 20022 equivalent Usage guidelines Translation rules planned
MT 103 STP Pacs.008 STP Guideline Under development No translation planned
MT 103 STP EU Pacs.008 EEA Guidelines To be planned No translation planned
MT 204 Pacs.010 Under Development From MX to MT only
MT 104 Pacs.003 Out of scope Out of scope
head.001.001.0x – v2Published with each request
typeN/A
ISO 20022 Programme - Quality data, quality payments 32
CBPR+ Phase 2 usage guidelines and planned translation rulesUpdated April 2020
U
Existing FIN MTs ISO 20022 equivalent
Usage Guideline
available on
Mystandards &
Readiness Portal
Translation rules planned
192/292 (Cancellation Request)camt.056.001.0x - Cancellation
Request
In collaboration with gpi
expert groupTo be confirmed
Camt.026 – Unable to Apply
Camt.027 – Claim Non Receipt
Camt.087 – Request to Modify
296/199/299/112 (Query/Answer)camt.029.001.0x - Resolution of
Investigation
MT 101 Pain.001 Wait for CGI deliverable To be confirmed
MT 110/MT 111/MT 112 New Cheques MessagesStart development during
June 2020 WorkshopTo be confirmed
MT n90 / MT n91 New Fee MessagesStart development during
June 2020 WorkshopTo be confirmed
Note: implementation of the phase 2 is
foreseen for the end of Nov 2022.
ISO 20022 Programme - Quality data, quality payments 33
SWIFT MT versus ISO 20022: Key Concepts
ElementFieldMessage
specification
components
Parties in a
message
DataTypeFormat
Min MaxPresence
CodeSetQualifiers / Codes
ISO 20022MT
Textual RuleUsage Rule
CrossElementComplexRuleNetwork Validated Rule
AgentBank
DebtorOrdering Customer
CreditorBeneficiary Customer
Instructing AgentMessage Sender
Instructed AgentMessage Receiver
Legend:
What is changing? Party Identifiers:XX FIN MT format
equivalent
ISO 20022
Payment Initiation (pain) Payments Clearing & Settlement (pacs) Cash Management
(camt)
Ultimate
DebtorForwarding
Agent
Debtor Initiating
Party
:50a
Debtor
Agent
:52a
1 2 3 1 2 3 1 2 3
Ultimate
Creditor
Creditor
Previous Instructing
Agents
Instructing
Agent
Instructed
Agent
Creditor
Agent
Reimbursement
Agents
Intermediary
Agents
:59a:57a
:53a :54a :55a :56a:72:/INS/ :72:/INT/
Sender Receiver
Legend:
New parties
introduced in
ISO 20022
34ISO 20022 Programme - Quality data, quality payments
U
ISO 20022 Programme - Quality data, quality payments 35
MT 103 Customer Credit Transfer
High Level Serial message flow
MT 103 MT 103MT 103A B C D
The MT way
pacs.008 FI to FI Customer Credit Transfer
High Level serial message flow
The ISO 20022 way
pacs.008
pacs.002
pacs.008pacs.008
pacs.002A B Dpacs.002 C
ISO 20022 Programme - Quality data, quality payments 36
MT 103 Customer Credit Transfer
High Level message flow settled using the cover method over a Payment Market Infrastructure
MT 103
MT 202 cov MT 202 cov
A
B C
D
Note: For example purposes, this slide shows V-shape payment market
infrastructure flows. Y-shape flows will be different.
The MT way
pacs.002
ISO 20022 Programme - Quality data, quality payments 37
pacs.008 FI To FI Customer Credit Transfer
High Level message flow settled using the cover method over a Payment Market Infrastructure
pacs.008
pacs.009
pacs.002
A
B
D
pacs.009
pacs.002 C
Note: For example purposes, this slide shows V-shape payment market
infrastructure flows. Y-shape flows will be different.
The ISO 20022 way
ISO 20022 Programme - Quality data, quality payments 38
MT 103 Customer Credit Transfer serial message flow
MT 103 MT 103MT 103
MTParty
38
Ordering Customer
Ordering Institution
Intermediary Institution
Intermediary Institution
Account with
Institution
Beneficiary
A B C D
The MT key concepts
pacs.008
pacs.008
pacs.008
pacs.002
pacs.002
pacs.002
Pacs.008Party
ISO 20022 Programme - Quality data, quality payments 39
pacs.008 FI To FI Customer Credit Transfer serial message flow
A B C D
Debtor
Debtor’s Agent
Intermediary Agent 1
Intermediary Agent 2
Creditor’s Agent
Creditor
The ISO 20022 key concepts
ISO 20022 Programme - Quality data, quality payments 40
Webinars & work sessions
New webinars & information sessions
are available for you to register and get
your questions answered
Where can I get more help?
New resources are available
SWIFTSmart
The SWIFTSmart e-learning platform
includes training modules for
• Introduction to ISO 20022
• Introduction to MX
• (New) ISO 20022 Adoption for CBPR+
WWW
ISO 20022 Programme hub
The ISO 20022 Programme
Document Centre now includes:
• (Updated) ISO 20022 for
Dummies e-book
• (New) Third party toolkit & FAQ
• (New) ISO 20022 for payments
webinar
MyStandards
The MyStandards CBPR+ group page
includes:
• (New) camt.053 / 052– Statement & Report
• (New) camt.054 / 057 – Notifications
• (New) camt.056 – Cancellation
• (New) camt.060 – Account Reporting
Adoption services
Get support for your project with:
• Training
• Impact assessment
• Standards mapping
• Translation & integration solutions
Vendor support
A Vendor Readiness Portal is live,
allowing vendors to test their applications
A self-attestation framework has been
launched to allow vendors to confirm
readiness for CBPR+
List of attested vendors will be published
on swift.com starting March 2020
Knowledge Centre
New Frequently Asked Questions (FAQ)
is available in the Knowledge Centre
Customer support
SWIFT Customer Support is available to
answer questions if you do not find the
information you are looking for
41
How will SWIFT help?
Coexistence measures
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Programme - Quality data, quality payments 42
SWIFT is transforming its portfolio to support the adoption of ISO 20022
Standards Messaging Interfaces Shared Services
MyStandards
Readiness Portal
Translation Portal
Validation
RMA
Addressing
Translation
Alliance Access and Entry
Alliance Messaging Hub
Lite2
Alliance Cloud
gpi tracker and services
Business Intelligence
Sanctions Screening
Payment Control
ISO 20022 Programme - Quality data, quality payments 43
Overview of translation services
Local Service
Stand-alone or on interface
SendingBank
ReceivingBank
MX MX
Translator
Scope
• MX MT: send or receive side
• CBPR+ or others MI’s (including internal
format and enrichment)
Components
• Integration solutions on interfaces (IPLA,
AMH, SIL)
• Standalone product on Middleware, Back
office (Translator)
Implementation cost
• Price list and a fixed cost per library
• Professional services
U
ISO 20022 Programme - Quality data, quality payments 44
Tools are available to help you understand and enable the new CBPR+ usage guidelines
MyStandards
Guidelines Definition
CBPR+ Other Guidelines
Readiness Portal
Test Guidelines out of band
Functional testing of guidelines
Building of cases
Translation platform
Test and understand translation rules out of band
Rules
Consultation
Online conversion engine
• Consume definitions
• Start evaluating impacts on
systems
• Optionally compare with
other guidelines (such as
MIs)
• Access a community page
• Test message against guidelines
• Support early back-office
application testing
• Visualise the translation rules on a
dynamic web-page
• Get full details on Translation logic
field by field
• Both ways MX to MT and MT to MX
• Get the possibility to test translation
with dummy messages
45
What do I need to do?
ISO 20022 Programme - Quality data, quality payments
Customised for CBPR+
MyStandards & Readiness Portal – How Does It Work?
Publishing
Institution
(SWIFT)
SWIFT creates, manages
and maintains CBPR+
specifications in
MyStandards
1SWIFT publishes
specifications for testing in
a customised Readiness
Portal
2You consume specifications
and test your CBPR+
implementation against
specifications
3
MyStandards Readiness Portal
Publication for testing
Analysts
Implementation
Managers
CBPR+ specifications
(Online, PDF, XLS, XML)
Test against CBPR+
specifications
ISO 20022 Programme - Quality data, quality payments
Financial institutions
46
ISO 20022 Programme - Quality data, quality payments 47
The CBPR+ group has published all its usage guidelines in MyStandards
https://www2.swift.com/mystandards/#/c/cbpr/landing
ISO 20022 Programme - Quality data, quality payments 48
Analyse CBPR+ usage guidelines
Compare CBPR+ usage guidelines with other market practices
ISO 20022 Programme - Quality data, quality payments 49
ISO 20022 Programme - Quality data, quality payments 50
The Readiness portal :
Test CBPR+ usage guidelines
51ISO 20022 Programme - Quality data, quality payments
Analyze MT to ISO 20022 CBPR+ (and vice versa) mapping rules
ISO 20022 Programme - Quality data, quality payments 52
Available as of December 2019
Test MT to ISO 20022 CBPR+ (and vice versa) mapping rules
ISO 20022 Programme - Quality data, quality payments 53
Drop sample message
Get translated message
Translation Portal for visualisation of rules – only for CBPR+
Available as of December 2019
ISO 20022 Programme - Quality data, quality payments 54
To reap the benefits of ISO 20022 the underlying data model across your IT
infrastructure and processes will need to be enhanced over time
Front office Product
processors
Core banking Screening Message
processing
Interbank
Channels
Data framework
Enterprise information bus
Capture rich,
structured data at
source from
customers
Ensure required
data is captured to
process
payments,
including
counterparty and
beneficiary
processing
Use rich
beneficiary and
originator details
for reconciliation
and ledger
operations
Use rich
beneficiary and
originator details
for sanctions
screening and
fraud monitoring,
reducing false
positives and
improving
efficiency
Upgrade message
processing
functionality to
facilitate
orchestration of
ISO 20022 and
legacy message
formats
Enable interbank
channels and
connectivity for
rich ISO 20022
messages
Upgrade data model to store new and rich elements, accessible for analytics, machine learning & AI to derive insights and new services
Enable shared utilities for the enterprise for accessing, validating, translating and enriching rich, structured ISO 20022 data
Present rich data,
in real-time to
customers, across
customer
channels
ISO 20022 Programme - Quality data, quality payments 55
Diagram to identify systems across your architectural landscape :
Cross Border Payments Reference Workflow
Corporate / Retail /
InterbankProduct Processors Core Banking Payments Middleware Screening
Messaging
MiddlewareInterbank ChannelsData Framework
Request
Core Banking
ledger operations
Payments
Middleware
liquidity
management
High value
payments
validation
Low Value
payments
validation
Host to Host
Channel
SWIFT
Mobile
Channel
Internet Banking
Channel
Realtime
payments
validation
Sanctions
screening
AML screening
Fraud monitoring
SWIFT
Market
Infrastructure
Contingency
Message
orchestration
Message
transformation
Message
enrichment
Message
validation
Proprietary
Channel
Reference data
source
Printers
Data archival
Enterprise Information Bus
ISO 20022 Programme - Quality data, quality payments 56
Customers should…
Prepare for CBPR+
• CBPR+ ISO 20022 data model and usage guidelines are the future of correspondent banking, replacing MT’s
• Customers should use usage guidelines and translation rules published on MyStandards as specifications to prepare
• Get trained using SWIFTsmart or SWIFT tailored learning services
Migrate back office systems to ISO 20022
• During coexistence period MT will be supported for backward compatibility only, and all new features will be based on the ISO
20022 data model
• Regardless of whether using ISO, MT or API channels customer back office systems must natively support ISO 20022 to
benefit from new features
Plan to implement the SWIFT channel
• The SWIFT platform will support CBPR+ ISO 20022 messaging over FINplus
• SWIFT will support backward compatibility with MT messaging over FIN
• SWIFT will provide more details of services supported by the API channel by Q3 2020
ISO 20022 Programme - Quality data, quality payments 57
Organise your ISO 20022 adoption project
Understand changes by attending
events and / or webinars
Train yourself through e-learning
modules or classroom
Dive into the details of CBPR+
Usage Guidelines and product
documentation
Assess impacts of adopting ISO
20022 and involve your Vendors
Scope, shape, plan and budget your
implementation project
Detail and build the solution, relying
on available documents and
references
Carry out internal testing activities,
leveraging off-network testing
facilities
Set up and configure Pilot
infrastructure and operations,
getting ready for on-network testing
activities
Carry out external testing activities,
leveraging on-network testing
facilities and collaborating with
correspondents
Set up and configure Live
infrastructure and operations,
getting ready for initial Go-Live of
end 2022
Start exchanging CBPR+
traffic as part of Live
operations
Undertake next
implementation project for full
adoption by end of the
coexistence period in 2025
Questionnaire to capture scope,
approach and planning of adoption
Products readiness and operational
monitoringTraffic and operational monitoring Traffic monitoring
CU
ST
OM
ER
SW
IFT
Awareness2020
Implementation2020 – 21
Testing2021 – 22
Live2022
58
Service offerings are and will be available for supporting each step in the journey.
Awareness2020
Implementation2020 – 21
Testing2021 – 22
Live2022
ISO 20022 Programme - Quality data, quality payments
INITIATION EXECUTION RUN
Requirements Gathering
Solution Architecture
Operational Impacts
Infrastructure Needs
Planning & Budgeting
Funct’l Design
Detailed Design
Build & Unit Testing
System Testing
Integration Testing
E2E / User Acc Testing
Infra Changes
Work Processes
User Training
TOM Definition
Handover
Closure
Vendor(s) Involvement
Project Management
Impact
Assessment(available)
Standards
Readiness(available)
Product-related Implementation / Integration(upcoming)
Tailored Learning(available)
Sparring Partner(upcoming)
Technical
Readiness(available)
Req’s
Analysis &
High Level
Design(available) Bespoke Solution Implementation
(available)
ISO 20022 Programme - Quality data, quality payments 59
MyStandardsKnowledge
Centre
3 main sources of information to support you along the way
SWIFT
Smart
Link
Public
Link
For swift.com registered customers only
Link
For swift.com registered customers only
• CBPR+ User Handbook
• CBPR+ Usage Guidelines
• Readiness Portal
• Translation Portal
• Customer Adoption Guide
• Frequently Asked Questions
• Detailed products documentation
(Service Descriptions, Release
Letters, User Guides, ...)
Series of e-learning modules
• Introductory topics
• ISO 20022 standards & CBPR+
guidelines [planned]
• Products for ISO 20022 [planned]
60
Where can I get more help?
ISO 20022 Programme - Quality data, quality payments
ISO 20022 Programme - Quality data, quality payments 61
Webinars & work sessions
Webinars & information sessions are
available for you to register and get your
questions answered
Where can I get more help?
New resources are available
SWIFTSmart
The SWIFTSmart e-learning platform
includes training modules for
• Introduction to ISO 20022 and MX
• ISO 20022 Adoption for CBPR+
• (New) Dive into CBPR+ message flows
WWWISO 20022 Programme hub
The ISO 20022 Programme
Document Centre now includes:
• ISO 20022 for Dummies e-book
• (New) Customers insights
• (New) Corporate case study
• (Soon) Strategy update recordings
MyStandards
The MyStandards CBPR+ group page
includes:
• (Updated) Phase 1 Usage Guidelines
• (Updated) User Handbook
• Samples Library
• Readiness & Translation Portals
Adoption services
Get support for your project with:
• Training
• Impact assessment
• Standards specifications
• Integration solutions
Vendor support
A Vendor Readiness Portal is live,
allowing vendors to test their applications
A self-attestation and certification
framework has been launched to allow
vendors to confirm and promote
readiness for CBPR+
Knowledge Centre
The Knowledge Centre includes updated
documentation:
• Frequently Asked Questions (FAQ)
• Customer Adoption Guide
Customer support
SWIFT Customer Support is available to
answer questions if you do not find the
information you are looking for
U
www.swift.comContact your account manager
or contact us at [email protected]
if you have any questions