SWIFT for ISO 20022 Brochure

SWIFT for ISO 20022
— Market Infrastructure Communities

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SWIFT for ISO 20022 – Market Infrastructure Communities

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Contents
ISO 20022: The future is now 4
SWIFT and ISO 20022: Setting standards 5
SWIFT for ISO 20022 5
Community solutions 5
Community management 6
Standards 7
Messaging platform 8
ISO 20022 adoption and case studies 9
ISO 20022 adoption 9
ISO 20022 case studies - Securities 10
ISO 20022 case studies - Payments 12
ISO 20022 case studies - FX Treasury 14
Legal notices 15
for
ISO 20022

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ISO 20022 is not a new standard – it
was first published in 2004. But from the
outset ISO 20022 was positioned as the
standard of the future: an open standard
that would cover all financial business
domains and be flexible enough not only
to work with the latest technology but to
adapt to new technology as it emerged.
SWIFT has been part of the story since
the beginning. In 2000, SWIFT created
the blueprint for ISO 20022 as part of
the ISO working group. In 2004, SWIFT
was appointed Registration Authority
for ISO 20022, and remains responsible
for maintaining the content and integrity
of the standard, as it grows. Currently,
SWIFT remains the single largest
contributor of ISO 20022 message
definitions, and also participates with
local communities in defining and
publishing market practice to ensure
that this global standard meets local
needs.
Financial standards take a long time
to get established, and even the best-
designed standards only take off if they
meet real and immediate needs in the
market. For ISO 20022, that moment
has clearly arrived. Currently, there are
70+ major ISO 20022 initiatives around
the world. Of these, the vast majority
are driven by Market Infrastructures
(MI), covering securities, payments, and
treasury businesses.
This brochure describes a number of
these ISO 20022 initiatives and the
role that SWIFT has played in making
them successful, and also offers an
introduction to SWIFT’s end-to-end
solution to support communities moving
to ISO 20022.
Stephen Lindsay
Head of SWIFT Standards
ISO 20022: The future is now

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ISO 20022 is an open
standard. It has a very broad
user community and it is
not controlled by any single
interest.The scope of ISO
20022 covers the entire
financial industry - securities,
payments, treasury and
trade and cards, - enabling
consistent, end-to-end
business processes to be
adopted, via a single standard.
As a standards-setting
organisation, SWIFT is closely
involved in ISO 20022.
Registration Authority and
Content Contributor
On behalf of ISO, SWIFT is the ISO
20022 ‘Registration Authority’, acting as
the guardian of the Financial Repository,
safeguarding the quality of, and
compliance to, the standard. In addition,
SWIFT ensures up-to-date publication
of the Repository on www.iso20022.org.
SWIFT is the major content contributor
to the ISO 20022 portfolio, either
submitting, or co-submitting, more
than half of all message developments.
SWIFT participates in all relevant ISO
20022 Standards Evaluation Groups
to evaluate new developments and
participates in the maintenance process
of ISO 20022 message sets.
Market Practice Facilitation
‘Market practice’ defines how the
standard is used to meet specific, local
business needs. SWIFT is a trusted
facilitator and harmoniser of global
market practice for ISO 20022. SWIFT
has acquired invaluable expertise which
enables us to advise communities on
best practice. This expertise has been
gained by working closely with a number
of groups that define global market
practice, such as:
— Securities Market Practice
Group (SMPG): SMPG is a global
securities industry initiative that
defines harmonised securities
market practices, including ISO
20022. SWIFT provides the SMPG
secretariat.
— Payments Market Practice Group
(PMPG): PMPG is an advisory group
to the SWIFT Board, and serves as
a global market practices forum.
The PMPG has sponsored the
development of global ISO 20022
implementation guidelines for high-
value payments systems.
— Local groups: Additionally, SWIFT is
involved with numerous regional and
local market practice groups.
SWIFT and ISO 20022: Setting standards
SWIFT for ISO 20022: Community solutions
SWIFT offers ISO 20022
expertise to Market
Infrastructures and their
communities that have
committed, or are committing,
to move to ISO 20022.
This expertise centres on three core
competences:
— Community management
— Standards
— Messaging platform
SWIFT has packaged its ISO 20022
expertise into a unique combination
of end-to-end products and solutions
that increase automation and drive
efficiencies, providing a one-stop-shop
for all ISO 20022-related community
requirements.
SWIFT for ISO 20022 – Market Infrastructure
Communities

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SWIFT for ISO 20022: Community management
SWIFT’s key objective
includes enabling the
automation of financial
transactions, reducing
operational risks for financial
institutions and reducing
industry Total Cost of
Ownership (TCO).
As both standards body and network
provider, SWIFT has a 40 year track
record of experience in supporting
financial communities. As a result, we
have well-established, formal processes
that can ensure consistency in the roll-
out of ISO 20022.
To support community-wide
management of ISO 20022, SWIFT:
— Manages standards versions
by ensuring regular, predictable
release cycles which allow financial
institutions to adequately plan
and budget their IT and business
resources
— Supports global and community-
specific market practice for
harmonised implementation
— Ensures the correct usage of the
standard within the MI community by
providing network validation
— Supports efficient customer
implementation of the new standard,
through the use of community tools,
such as MyStandards
— Provides seamless integration of MI
specifications to participants with
interface ‘Deployment Packs’, as well
as integration tools, such as XML or
XSD schemas and connectors
— Provides a platform for innovative
new services
SWIFT for ISO 20022 – Products and Solutions

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Closely involved in ISO
20022 from the start, SWIFT
has unparalleled expertise
in ISO 20022 standard
management, acting as a
trusted advisor to support
communities at all stages of
their community projects,
through consulting and
training engagements.
Consulting Services
SWIFT’s ISO 20022 experts have a
wealth of experience, having delivered
100+ standards consulting projects,
supporting 70+ clients. SWIFT has been
involved in major initiatives in multiple
geographies, encouraging harmonised
adoption and sharing best practice
insights. As communities plan their
move to ISO 20022, SWIFT has a range
of consulting services that support the
migration process from beginning to
end. These services include:
— ISO 20022 impact assessment
— ‘Roadmap’ definition
— Business impact assessment
— Business case support
— ISO 20022 solution design
— Message development
— Data mapping and transformation
— Business process flow design
— Enterprise architecture design
— Community-specific market
practice guidelines, starting from
global market practice
— Technical implementation
services, such as integration and
roll-out
— Project management
SWIFT’s expert consultants have
an average of 15 years of relevant
experience.
Training Courses
SWIFT has numerous specialised training
courses on ISO 20022, both web, and
classroom-based:
— Web-based: ’ISO 20022 in 90 mins’;
‘ISO 20022 and T2S’, ‘ISO 20022 for
Trade’
— Classroom-based: ‘ISO 20022 for
High Value Payments’, ‘ISO 20022
for Securities Settlement’, ‘ISO 20022
for Corporate Actions’, ‘Using ISO
20022 and XML’
MyStandards
MyStandards is a collaborative web
platform that helps customers manage
global financial messaging standards
and ensures that their internal
specifications and guidelines are in line
with market practice. It is used to create,
maintain, document, publish, share,
compare and consume ISO 20022.
These specifications describe exactly
how the standard should be used in its
specific business context. Specifications
can be updated and managed over
time, and published in a variety of
formats to suit different audiences,
from business analysts to engineers.
MyStandards also includes reusable,
customisable mapping logic as ‘Base
Libraries’ which contain pre-populated
schema libraries for all ISO 20022
messages. MyStandards significantly
reduces implementation costs and
effort and drives community-wide
harmonisation.
MyStandards Readiness
Portal
The MyStandards Readiness Portal is
an extension of MyStandards that allows
publishers of specifications, such as
MIs, to offer a web-based testing service
to their customer community. The
service validates test messages against
ISO 20022 usage guidelines maintained
by publishers, helping the customers
ensure that they comply fully with the
specifications. This streamlines the on-
boarding of new customers, reducing
time and cost.
SWIFT for ISO 20022: Standards

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SWIFT for ISO 20022: Messaging platform
SWIFTNet Secure Network
SWIFT operates the only world-
wide, value-added network designed
specifically for ISO 20022. SWIFTNet is
secure, reliable and scalable:
— ‘Single window’ – With a global
reach across 10,800+ financial
institutions, 200+ countries and
230+ MIs, SWIFT offers a ‘single
connectivity window’ to a wide range
of counterparts. This reduces cost,
complexity and risk compared to
using multiple proprietary networks.
— InterAct – Enables the exchange of
XML-based, single transaction, ISO
20022 messages.
— FileAct – Enables the transfer of
bulked ISO 20022 transactions, or
files, in a secure and reliable manner.
It is most efficient when used to
transfer large batches of messages,
such as bulk payment files.
— Copy services – SWIFTNet Copy
enables the sender of an ISO 20022
message, or file, to automatically
trigger a copy to be sent to a third
party for processing or authorisation,
for example, a central bank. Available
with both InterAct and FileAct,
SWIFTNet Copy can be used in
two modes: either Y-Copy (wait
for authorisation before sending to
addressee) or T-Copy (no waiting for
authorisation).
SWIFTNet Messaging
Features
Delivering value-added functions:
— Validation – InterAct offers automatic
validation of the message against the
ISO 20022 standard in a number of
ways: i) format validation, checking the
syntax and structure of the message,
ii) semantic validation, iii) reference
data validation, and, where required,
iv) global market practice validation.
Message validation ensures message
quality, avoiding the need for message
repair and exception handling.
— Non-repudiation – Message delivery
is guaranteed, and the sending and/
or the receiving of data cannot be
disputed.
Connectivity and Integration
All of SWIFT’s interfaces, integration
products, conversion tools and
connectors are fully compatible with ISO
20022 messaging products:
— Interfaces – All of SWIFT’s interface
tools are compatible with ISO 20022
- from the Alliance Messaging Hub
(a sophisticated messaging hub and
conversion tool, aimed at high volume,
multi network users) through SWIFT
Alliance Access (an on-premise, single
network solution, aimed at medium to
large players) to Alliance Lite2
(a cloud-based connectivity solution
which meets the needs of lower volume
messaging customers).
— Integration / Conversion tools
– SWIFT provides specialised tools
to facilitate integration and format
conversion – from AMH-based
transformation, through Alliance
Access Integration Platform (IPLA)
to Converters. All of these tools are
compatible with ISO 20022.
— MI connectors – In addition to
its interface and integration tools,
SWIFT also has developed off-the-
shelf ‘connector’ tools for specific
MI initiatives, for example, ‘T2S
Connector’.
Onboarding
SWIFT offers easy onboarding for the MI
and its community. A typical ISO 20022-
based MI implementation would involve
the deployment of a ‘Closed User
Group’ (CUG) environment, to guarantee
the safe, secure and smooth handling of
transactions by the MI, and its trusted
members.
SWIFT for ISO 20022 – Implementation Project Phase Support

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ISO 20022 has rapidly
become the financial
industry’s preferred standard
for most new initiatives, and
is emerging as the clear choice
for Market Infrastructures
around the world.
Although adoption triggers differ widely
from project to project, the underlying
impetus to migrate to ISO 20022 is
typically based on one, or more, of the
following factors:
— To drive automation, Straight
Through Processing (STP) and
efficiency by adopting common
standards and market practices, and
thereby reduce costs and risks
— To participate in, or because they are
impacted by, market or pan-regional
integration initiatives
— To align with regulatory reform, or to
respond to anticipated changes or
priorities in the regulatory landscape
— To facilitate a country’s ambition to
expand internationally or increase
foreign participation within financial
markets
— To facilitate new end-to-end services,
for example, extended remittance
— To leverage the replacement of aging
legacy systems and/or proprietary
standards
ISO maintains a global overview of
initiatives adopting ISO 20022 as
their messaging standard for financial
transactions. This information is
published as an ‘app’ for iOS tablet
devices. The ‘mApp’:
— Tracks initiatives that adopt official
ISO 20022 messages registered on
www.ISO20022.org
— Tracks ISO 20022 message types
used
— Tracks project status – under
discussion / planned / testing / live
— Covers all regions and business
segments
Currently, 70+ initiatives around the
world, are being tracked in the mApp,
the vast majority of which are driven
by securities, payments and treasury
Market Infrastructures, and their
communities.
The app is free to download, can be
used online or offline, and is available
from the Apple App Store. The same
information is also available in PDF
format on www.iso20022.org.
ISO 20022: Adoption

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ISO 20022: Case studies - Securities
Asia Pacific
Japan Securities Depository
(JASDEC)
In 2007, the Japanese Financial Services
Agency called on JASDEC to support
the use of ISO 20022 in order to
increase international competitiveness,
strengthen interoperability, improve
straight-through processing and enrich
service functionality. Since then, SWIFT
has been working closely with JASDEC
to internationalise and standardise its
messaging standards.
In January 2014, JASDEC became
the world’s first major central securities
depository to go live with ISO 20022 on
SWIFTNet for clearing and settlement
with its participants. JASDEC uses
SWIFT’s MyStandards to create, manage
and share standards specifications with
its international customer base.
Between January 2014 and December
2018, all market participants will migrate
their messaging standards from existing
message formats to ISO 20022.
JASDEC has been a pioneer in adopting
ISO 20022 and this migration has been
instrumental in gathering ISO 20022
implementation experience, not only for
the Japanese financial services industry
but also for market participants around
the world.
This project, together with DTCC and
TARGET2-Securities, has made a very
significant contribution to the recognition
of ISO 20022 within global securities
markets.
Singapore Exchange (SGX)
SGX offers its trading members, clearing
members and depository agents an ISO
20022 settlement API that will cover
all SGX settlement and reconciliation
activities. By adopting international
standards and best practices, SGX
will enable its members to achieve
greater straight-through processing
while building an agile infrastructure
that can quickly meet new business
requirements.
SWIFT provided standards expertise
and advice to SGX to ensure efficient
adoption of ISO 20022, and SWIFT will
be one of the messaging channels used
as part of the SGX platform. SGX will
also consider deploying the standard to
other business areas, such as corporate
actions and collateral management.
“Encouraging the industry
wide adoption of ISO
20022 will enable greater
automation and straight-
through processing, and
a consistent messaging
standard will help reduce
data processing risks. For
high-value transactions,
errors can result in
significant financial losses.”
Nico Torchetti, Head of Post Trade Services, SGX.
Australian Stock Exchange (ASX)
ASX has introduced standardised
corporate action information in ISO
20022 format. While primarily aimed
at the Australian market, it also offers
potential for stakeholders in other
countries. ASX offers an automated
straight-through process for its new
announcement service, with the issuer
as the source of information, combined
with enriched, structured data that is
aligned with ISO 20022.
ASX delivers ISO 20022 messages to
customers via SWIFTNet and proprietary
channels in near real time.
ASEAN + 3 (Association of South
East Asia Nations) Bond Market
Forum (ABMF)
ABMF aims to harmonise the lifecycle
of fixed-income instruments around the
region to enable intra-regional bond
issuance and post-trade activities.
ISO 20022 is seen as a major enabler to
ABMF’s vision, and is the foundation of
a government and corporate bond post-
trade and asset-servicing model that
the region will implement in the coming
decade.
SWIFT, contributing as an international
expert, provides standards and
market practice facilitation expertise
to the group. The Singapore-based
standards team is also a member of the
maintenance secretariat of the Bond
Market Guides that ABMF publishes as
part of its deliverables to the industry.
Korea Securities Depository (KSD)
The KSD Offshore Fund Service Platform
(OSP) provides offshore fund transaction
processing services for Korean
distributors and trustees. The OSP is an
automated mutual fund platform offering
end-to-end coverage from distribution,
account opening and transfers to
settlement, reconciliation and asset
servicing, with various service providers.
Its funds operations are processed on a
straight-through basis, using ISO 20022
messages over the SWIFT network.

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Europe, Middle East and
Africa
TARGET2-Securities (T2S)
T2S is a European initiative to establish
a single platform for the settlement of
securities. The main driver of T2S is to
contribute to financial integration and
the creation of a single harmonised
European market for securities
settlement.
T2S makes cross-border settlement
identical to domestic settlement in
terms of cost, technical processing
and efficiency. A single set of rules,
standards and tariffs will be applied to
all transactions in Europe, dramatically
reducing the complexity of the current
market infrastructure landscape.
SWIFT has been supporting the T2S
project since 2008, drawing upon many
years of expertise and established best
practice to support the implementation
of ISO 20022. SWIFT:
— Helped manage the messaging
specifications and registration
aspects, as well as the technical
aspects of developing the required
ISO 20022 messages
— Collaborated on a customised
and efficient workflow, faster
time to market, adoption of best
practices and the creation of a
centre of standards expertise inside
organisations
— Provided T2S with the MyStandards
platform, to allow T2S to publish
and manage their standards usage
guidelines
To date, 90% of the CSDs and Central
Banks who have selected a service
provider for their T2S Wave 1 or Wave 2
connectivity, have selected SWIFT, using
ISO 20022.
Bank of New York Mellon Europe
BNY Mellon chose SWIFT to connect
to T2S using ISO 20022 standards as
a ‘Wave 1’ participant, for international
usability. The bank selected SWIFT
based on its detailed knowledge of T2S
and our expertise with MT and mapping
processes.
SWIFT carried out an in-depth T2S
impact assessment at both a business
and a technical level. To accomplish
integration with existing back-office
processes, a functional mapping of all
messages into BNY Mellon’s internal
format was also developed. Additionally,
SWIFT delivered a MyStandards
Readiness Portal for T2S for testing and
message simulation. All messages will
be published on SWIFT’s MyStandards.
Americas
U.S. Depository Trust Clearing
Corporation (DTCC)
DTCC serves as the premier U.S. post-
trade market infrastructure, advancing
the automation, centralisation,
standardisation and streamlining of
processes critical to the safety and
soundness of markets. It stands at
the centre of global trading activity,
processing trillions of dollars of securities
transactions on a daily basis.
DTCC launched a multi-year
transformation initiative in its corporate
actions business in 2011. The objective
was to convert its proprietary formats
to new ISO 20022-based standards,
while maintaining the link with its ‘legacy’
applications and data requirements.
An additional challenge was to ensure
compliance with global and U.S.
market practices. By using SWIFT
Consulting Services and drawing
upon the expertise and support of
SWIFT standards experts, DTCC
successfully mapped all of its legacy
data requirements to ISO 20022
standards. This was accomplished by
implementing structured XML extensions
in the messages, to help bridge the gap
between legacy and new standards. In
so doing, DTCC became fully compliant
with global and U.S. market practices,
and at the same time ‘upgraded’
its platform to new ISO 20022
standards. Its legacy corporate action
announcement files will be completely
phased out by the end of 2015.
DTCC has worked closely with SWIFT
to develop the extensions, and uses the
SWIFT network as one of its channels to
send corporate actions data.

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Asia Pacific
Australia
The Australian Payments Clearing
Association (APCA) has selected ISO
20022 as the messaging standard for
its New Payments Platform (NPP) that
will allow domestic retail payments to
be made instantly between financial
institutions and their customers’
accounts.
In December 2014, Australia’s NPP
Steering Committee selected SWIFT to
provide the infrastructure for the new
payments infrastructure, comprising
three main components:
— The SWIFT network - a Domestic
Messaging Channel which will enable
participants to exchange a high
volume of messages in-country, with
low latency on a 24x7 basis
— The switch - a payments gateway
that will orchestrate clearing and
settlement flows
— The addressing database - a proxy
addressing lookup service that will
allow payment routing based on
personal identifiers such as a mobile
phone number or email address
The Australia New Payments Platform is
expected to go live in 2017.
Brunei
When Brunei decided to create an
RTGS, it opted for ISO 20022 to align
with international standards and best
practice, facilitate straight-through
processing and to support Brunei’s
preparation for ASEAN financial
integration in 2015.
Brunei has developed its new RTGS
system using the high-value payment
guidelines developed by the PMPG, and
will use the new SWIFTNet Copy service
to exchange its high-value payment
transactions in the most secure and
efficient way.
India
The NG-RTGS in India opted for
ISO 20022 as a contemporary, open
payments standard, listing a common
syntax for speedy and straight-
through processing as one of its main
requirements. SWIFT benchmarked the
performance of ISO 20022 messages
against the existing Structured Financial
Messaging System (SFMS) messages in
terms of size, storage and processing. In
addition, SWIFT conducted a technical
review of ISO 20022 formats and
advised on alignment with global market
practice and usage conventions.
Association of Southeast Asia
Nations (ASEAN)
The Working Committee on Payment
and Settlement Systems (WCPSS),
under the remit of ASEAN Central Bank
Governors, has chosen to promote ISO
20022 for future payments systems
in the ASEAN region. SWIFT’s efforts
began in 2012 by providing technical
assistance on the ISO 20022 standard
and conducting workshops for the
WCPSS with guest presenters from both
the European Payments Council and
the International Payments Framework
Association. In 2013, SWIFT led a
capacity building campaign for ASEAN
payments market infrastructures to
assist in building institutional capacity
around the ISO 20022 standard.
In 2014 an ASEAN Payment and
Settlement Systems Cooperation,
consisting of the ASEAN Bankers
Association, WCPSS and SWIFT, was
formed to conduct a gap analysis to
ascertain the next steps for the ASEAN
payment environment to move towards
a common payment framework.
“ISO 20022 allows for
flexibility and extensibility,
and can include structured
and unstructured
information with the
payment. It allows for the
provision of payment-
related information and
for industries to develop
tailored messaging, thereby
obtaining straight-through
processing efficiencies.”
David Brown, Program Director at Reserve Bank
of Australia for the NPP Project
Europe, Middle East and
Africa
Single Euro Payments Area (SEPA)
SEPA is the European Union (EU)
payment-integration initiative. SEPA
currently includes 28 EU Member States
plus Iceland, Norway, Liechtenstein,
Switzerland and Monaco.
The European Payment Council (EPC)
develops payment schemes, frameworks
and rulebooks which help to realise
the integrated euro payments market.
These schemes are based on ISO 20022
standards, for which EPC has defined a
set of implementation guidelines.
SWIFT has been instrumental in the
development of corporate-to-bank and
interbank payment messages, which are
used to exchange SEPA transactions.
SWIFT is also invited to meetings
organised by the EPC to discuss the
evolution of schemes and standards.
ISO 20022 payments messages are
used by banks and clearing systems to
execute end-to-end SEPA transactions.
ISO 20022: Case studies - Payments

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EBA STEP2 as a SEPA compliant
Pan-European Automated Clearing
House (PE-ACH)
The STEP2 system of EBA CLEARING
is a Pan-European Automated Clearing
House (PE-ACH) for SEPA Credit
Transfers (SCT) and Direct Debits (SDD),
which means that the platform provides
full reach to SCT and SDD Scheme-
adhering banks in all 34 countries of the
Single Euro Payments Area. In addition
to the platform’s pan-European role, the
migration of domestic legacy payments
to SEPA has further strengthened
the position of STEP2 as a payment
system of first choice for domestic
retail payments. STEP2 Services offer
SEPA-compliant processing with
domestic service levels and value-added
functionalities based on the messaging
infrastructure of SWIFT and on other
secure networks.
High-Value Payments in Europe:
TARGET2 and EBA EURO1/STEP1
High-value payments clearing systems
in Europe will be moving from FIN MT
to ISO 20022 standards. Both EBA
EURO1, the private sector large-value
payment system for single same-day
euro transactions, and TARGET2, the
European RTGS, will migrate to ISO
20022 in 2017.
“EBA CLEARING
has gathered significant
ISO 20022 experience
in handling euro retail
transactions as the prime
provider of pan-European
infrastructure services for
SEPA, and we will build
on that experience when
moving to ISO 20022 with
our high-value payment
services, EURO1/STEP1.
Together with SWIFT,
we will ensure our user
community a seamless
technical migration.”
Jette Simson, Head of EURO1/STEP1 Service
Maintenance
Both infrastructures will use the PMPG
guidelines for High-Value Payments as
a basis to define their implementation
guidelines. These guidelines provide a
sound basis for a common adoption of
ISO 20022 in the high-value payments
clearing and settlement space, thereby
protecting global interoperability as
markets move at different speeds.
“In consultation with our
user community we have
decided to replace the
MTs currently used for
payments inTARGET2
with ISO 20022 messages.
The migration will be
carried out with the help of
SWIFT, which has proved
to be a crucial partner in
the realisation of this major
project of the Eurosystem.”
Sylvain de Beaumont, Head of TARGET section,
European Central Bank
Both TARGET2 and EURO1 will use
SWIFT’s latest SWIFTNet offering,
SWIFTNet Copy, to ensure the secure
exchange of high-value payments.
Southern African Development
Community (SADC)
As SADC is moving further towards
payments-system integration, the SADC
Payment System Project has adopted
ISO 20022 standards as the basis for
defining financial messages in the retail
payments environment. SADC has
partnered with SWIFT for advice and
expertise on the ISO 20022 standards,
and will use MyStandards to publish and
maintain its standards specifications.
“One of the founding
principles of the SADC
Payments Project was
the principle of adopting
international standards
wherever possible.
This was to ensure that
interoperability between
banks throughout the
region could be achieved
at the lowest cost possible.
Adopting ISO 20022
standards will have a
material impact on the
region as a whole due to
their intended wide-ranging
application. It is envisaged
that they will be adopted
from mobile-to-mobile
transfers right through to
securities DVP transactions.”
Maxine Hlaba, Manager, SADC

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Americas
Canadian Payments Association
(CPA)
In Canada, the CPA has decided
to adopt ISO 20022 standards to
increase interoperability and improve
operational efficiency, especially related
to enhancing remittance information
that is passed to end-user clients and
corporates. This move will result in
better performance within the CPA’s
clearing and settlement systems, and,
more broadly, will benefit the Canadian
payments systems as a whole.
SWIFT has been helping with the CPA
project, assessing the opportunities that
standards will bring over the long-term
and the strategies needed to get there.
CPA is already using MyStandards,
SWIFT’s collaborative web-based
platform, to manage standards and
usage.
The CPA adoption plan includes all
payment systems in Canada, both low-
value and high-value.
“We, like many other
market infrastructures, rely
on the services of SWIFT
on an ongoing basis.
They are a very important
partner and supplier to
us and to large financial
institutions in Canada.
They bring us a critical level
of subject expertise, not
only because of standards,
but also because of their
international experience.
We want an international
approach on standards, not
an approach confined to
Canada.”
Gerry Gaetz, President and CEO of CPA
Colombia
Colombia’s central bank has
implemented clearing messages for
High-Value Payments.
In addition, ACH Colombia and ACH
Cenit, operated by the Central Bank,
reached consensus with the banking
association (Asobancaria) for both their
respective ACH members to implement
clearing messages for Low-Value
Payments.
CLS
SWIFT has more than 12 years of
experience with CLS (Continuous
Linked Settlement), which provides
global clearing and settlement for both
currency legs of treasury, or foreign
exchange (FX), trades, and acts as the
sole financial messaging provider.
CLS is currently in the process of
replacing the CLS ‘gateway’ as part
of its Strategic Architecture (STAR)
programme with a new SWIFT-based
solution. The programme will deliver
increased performance and capacity,
automated intra-day settlement and is
based on ISO 20022 messaging.
ISO 20022: Case studies - FX Treasury

15
Legal notices
About SWIFT
SWIFT is a member-owned cooperative
that provides the communications
platform, products and services to
connect more than 10,800 financial
institutions and corporations in 200
countries and territories. SWIFT enables
its users to exchange automated,
standardised financial information
securely and reliably, thereby
lowering costs, reducing operational
risk and eliminating operational
inefficiencies. SWIFT also brings the
financial community together to work
collaboratively to shape market practice,
define standards and debate issues of
mutual interest.
Copyright
Copyright © SWIFT SCRL, 2015 — All
rights reserved. The information herein
is confidential and the recipient will not
disclose it to third parties without the
written permission of SWIFT.
Disclaimer
SWIFT supplies this publication for
information purposes only. As a mere
informative report, this document
is not designed to provide any
recommendation or advice, and should
not be used as such by the recipient.
The recipient remains solely and fully
responsible for all decisions based on
this report, and for all consequences
resulting from such decisions. SWIFT
disclaims all liability with regard to such
decisions and their consequences.
Trademarks
SWIFT is the tradename of S.W.I.F.T.
SCRL.The following are registered
trademarks of SWIFT: SWIFT, the
SWIFT logo, the Standards Forum logo,
3SKey, Innotribe, Sibos, SWIFTNet,
SWIFTReady, and Accord. Other
product, service or company names
mentioned in this site are trade names,
trademarks, or registered trademarks of
their respective owners.
For more information, contact the
SWIFT Standards team.
For more information about SWIFT,
visit www.swift.com

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