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Standards Forum in Utrecht

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Standards Forum in Utrecht

  1. 1. Welcome to the Standards Forum, Utrecht #SFNL Where business and standardisation meet
  2. 2. 9.30 10.05 to #SFNL Ineke Bussemaker, Rabobank Nederland
  3. 3. 10.05 11.00 to #SFNL Marco Pieroni, Banca d’Italia Myriam Byn, Euroclear Frans van Beers, BVN Ton Versteeg, Rabobank Nederland Andrew Muir, SWIFT
  4. 4. ISO 20022 adoption - Drivers Globalization/ interoperability Modernization/upgrade of services Renewal of legacy systems Regulation/ harmonization Market infrastructures are driving adoption ENTER
  5. 5. IPFA SEPA,EU BR DK CH FED, US CPA, CA IPFA T2, EU AU Zengin, JP CNAPS, CN IN Low- value High- value BOJNet, JP CPA, CA Live Live Live NZ SG CO PE Live PG CL ZA PL CNAPS, CN SADC UK ISO 20022 adoption by PMIs BN
  6. 6. ISO 20022 adoption in the corporate-to-bank space – Live usage More than 60 banks in 27 countries receiving payment initiation messages More than 90 members (corporates and banks) defining common global implementation guidelines ZA RU CN AU CA HK BE AT DE FI FI FR IE JP KRLU MX NL DK SEPA PT IT SG SK SE CH UK US CBI, IT ES SWIFT for Corporates – Cash management Based on CGI guidelines
  7. 7. DTCC, US JASDEC, JP [Post-trade] ANBIMA, BR T2S, EU CSD, LI 7 CSD, EE CSD, LT ASX, AU ISO 20022 Adoption – Securities MI & Treasury MI – From discussion to implementation CLS Treasury MISecurities MI SGX, SG JASDEC & TSE, JP [Corp.Act]VN Live CN Live BR, CSD Live NSD, RU VP Lux VP Sec DK BN Live KDPW CCP, PL NBB-SSS, BE
  8. 8. ISO 20022 Adoption – SWIFT for Funds – Live usage 8 GB CH AU TW SE FI NO IE ES IT GR EE BE NL LU KRUS FR DE SG HK BM AD AT BS LV PL This map shows countries where one or more players are sending/receiving ISO 20022-based Funds transactions. This includes major players such as Clearstream, Euroclear, Benefit Trust Company Funds Messaging, etc
  9. 9. ISO 20022 Initiatives ahead Planned live dates 2008 2013 20202014 2015- 2016 2017 UK (Payments Roadmap) published – timeframe and phases to be decided. US > Payments Systems – Business case assessment ongoing SEPA DTCC IPFA C2B … SADC/ JASDEC/ASX/ SGX/KDPW/ DK Paym/VP Sec /IN RTGS/ TSE/CLS/CH/.. T2S PASA BOJNet Baltic CSD … AU Payments T2 EURO1 … CPA (Canadian Payments) …
  10. 10. The ISO 20022 adoption mApp adoption mApp ISO 20022 A free IOS tablet app, that provides an overview of initiatives adopting ISO 20022 around the world > Information provided by initiative* owners > Covers all regions & business segments > Easy to use, contribute to and maintain Facilitating adoption and fostering dialogue Available for iPad in the App Store – also available as PDF (www.swift.com/standards)
  11. 11. 17 June 2014 Utrecht Manager Team Payments Frans C. van Beers SEPA Migration in The Netherlands “You never walk alone”
  12. 12. 17 June 2014SWIFT Standards Forum 12| • Payments and payments only; cards, on-line, cash, transactions, mobile and last but not least security • Members are banks and payment institutions (3/4 + 5/6 + 30 + …) • Esthablished end 2011, long history; founded by Currence (NL payments products) and Dutch Banking Association (NVB) • Stakeholder involvement is an essential element of our activities • Visit www.betaalvereniging.nl for more information (also in English ) Dutch Payments Association - introduction
  13. 13. 17 June 2014SWIFT Standards Forum 13| • One Single Euro Payments Area: can anybody object to that? Yes we can! • No direct business drive, no overall direction, all parties in the payment chain must change, in the same (short) timeline, legislation was a compromise, Rulebooks without operational experience; not exactly an outline for success • SEPA changed the basic infrastructure fundamentally and impacted the administrative processes (businesses) more than foreseen at the first glance. • National program in the Netherlands; central bank in the driver seat, steering mainly based on ‘moral commitment’ (market) and legislation (banks). Moving to SEPA was and is not one project, although the changes are fundamental
  14. 14. 17 June 2014SWIFT Standards Forum 14| • Payments = 4 corner model; we all know, do we act accordingly? • Stakeholders become more vocal; 1. what’s in it for me? 2. I have specific requirements, not necessarily the same as my neighbours • Changing the basic infrastructure, whilst daily processing needed to be continued, was and is challenging for all; provider and user need to step out of their business relationship and partner up in the change. • Up scaling to European level for standards, Rulebooks, legislation limits national (effective and efficient) paymentsolutions; providers squeezed “You never walk alone”
  15. 15. 17 June 2014SWIFT Standards Forum 15| Major topics for the (near) future • Do not underestimate the increased impact of (international) basic standards; the international, wholesale world with its flexibility and differentiation can not be applied in the same way for mass (retail) payments. Key are: > Stability > Simplicity i.e. low operational costs > Predictability, although longer change cycles do not align with innovation • SEPA 2.0 will require updates, also in the basic standards; challege will be to create a stable, basic infrastructure and flexibility in the customer offerings. • Product development will be on cross-border SDD, eMandates, mobile, eIdentity + more interaction between the ordering and payment processes.
  16. 16. 17 June 2014SWIFT Standards Forum 16| Will SEPA capitalise its potential benefits? Cooperate on an effective and efficient basic European payments infrastructure and stop struggling from a national perspective. You never walk alone; same path, same direction makes it all the easier
  17. 17. SF NL: June 17, at Rabobank, Utrecht TARGET2 – ISO 20022 Strategy
  18. 18. The pillars • Replacement of all SWIFT FIN MT standards • Content of the MX equivalent messages defined by the SWIFT user community • Complete interoperability (content-wise) with the legacy standards - so-called “like-for-like” approach • Comprehensive replacement at the occasion of SWIFT standard release (November 2017). • No coexistence between “old” MT and “new” MX standards and no conversion feature offered by T2
  19. 19. Perimeter („like-for-like“ approach) • Overall payment flow remains unchanged (e.g. full Y-Copy for PM and accounts identified by BICs) • Payment and cash flow messages to be migrated: MT 103, MT 103+, MT 202, MT 202 COV, MT 204, MT 900 and MT 910 • Changes in ICM U2A screens should be kept to the minimum and should mainly aim at (renaming fields or tags) • Translation of BIC into DN and vice versa in the addressing fields • Network validation of the MX equivalents according to the “like-for-like” approach; TARGET2 will rely on SWIFT • Support of only one message version on the network (Note: similar to today’s MT, but different to today’s parallel support of two Camt standard message versions);
  20. 20. Standards Forum At Rabobank, Utrecht 17/06/2014
  21. 21. ISO 20022 : the challenges • T2S will give ISO20022 an additional boost • However, areas for attention: Implementing and maintaining standard: avoid divergence Through uneven implementation: • Local markets/international players will migrate at own pace • Cost of maintaining multiple standards • Difference in views/practices on ISO20022 implementation Along the entire securities services spectrum
  22. 22. Supporting the move to ISO 20022 Example: T2S for ESES • Early publication of data dictionaries • Documentation in MyStandards • Ongoing discussion with SWIFT to allow Euroclear clients to test message formats through the Readiness Portal ahead of the T2S Community testing
  23. 23. 10.05 11.00 to #SFNL Standards for collateral managementStandardisation in the corporate-to-bank arena Auditorium VIP Lounge
  24. 24. 11.30 12.15 to #SFNL Charles Boniver, RBC Dexia Fabrice Tomenko, Clearstream Axelle Wurmser, BNP Paribas
  25. 25. 11.30 12.15 to #SFNL Chantal Van Es, SWIFT Luc Crahaij, ING Kees van de Zilver, Akzo Nobel Eric Kossen, RBS
  26. 26. AkzoNobel Utrecht June 2014
  27. 27. AkzoNobel ATIR | June 2014 We’re a leading global producer of paints, coatings and specialty chemicals. Our innovative products might be on the wall of your house, in the food that you eat, on your mobile device or laptop, in the cosmetics you use, on your furniture, in your lighting or on the cars, airplanes and boats that you travel in. Our heritage can be traced back more than 350 years and we currently employ around 50,000 people in over 80 countries. We’re consistently ranked as one of the leaders in the area of sustainability and we love developing new products and technologies that help meet the growing demands of our fast changing world.
  28. 28. Trusted portfolio of global brands
  29. 29. The World of AkzoNobel
  30. 30. Market segments ~44% of revenues New Build Projects Maintenance, Renovation and Repair Building Products and Components ~16% of revenues Automotive OEM, Parts and Assembly Automotive Repair Marine and Air Transport ~16% of revenues Consumer Durables Consumer Packaged Goods ~24% of revenues Natural Resource and Energy Industries Process Industries
  31. 31. Alignment with group strategy… 32 Treasury & Investor Relations is a center of expertise that supports AkzoNobel and the finance function to deliver leading performance ATIR | June 2014
  32. 32. On-going centralization of cash management processes to create financial benefits and qualitative improvements. Objectives ► Financial – Automatic pooling of liquidity and less OD – Improve working capital funding – Reduce external payments ► Process efficiency – Standardize payment processes via payment factory – Automatic cash reconciliation – Standard documentation ► Compliance – Increase transparency in funding and hedging – Support cash forecasting in (near) real time ► Bank partnering – Match needs of local BU – Credit support Cash management Global infrastructure of regional bank partners…
  33. 33. Standard payment factory and in-house bank functionality, with local adaptions where necessary and seamless integration with SAP. Cash management … linked to global processes and technology
  34. 34. 12.15 13.30 to #SFNL Let’s meet in the auditorium at 13.30 for chatroom kick-off
  35. 35. 13.30 15.00 to #SFNL MyStandards Interoperability in action ISO vs SWIFT process SWIFT’s readiness for ISO 20022 Auditorium VIP Lounge Foyer 1 Foyer 2 Choose 3 - Starts at 13.30
  36. 36. 15.30 16.30 to #SFNL Paul Janssens, SWIFT Jean-Paul Rousseau, Febelfin Benoit Waltregny, ING Ron Berndsen, Tilburg University & DNB Stephen Lindsay, SWIFT
  37. 37. 16.30 16.45 to #SFNL Ruud Sleenhoff, RBS
  38. 38. What is your definition of the term ‘Financial standard’ A business data metamodel Logical message definitions (eg the ISO 20022 message repository) Message format definitions (eg the SWIFT MT message library) Market practices, or usage guidelines (eg the SMPG guidelines)
  39. 39. What is the most important single factor that the community needs to address to reduce implementation cost of standards? Development methodologies Tools and technologies Development of available body of expertise Collaboration between standardisers
  40. 40. • Holland • Germany • France • Belgium • Switzerland • England Who will win the World Cup?
  41. 41. #SFNL