SWIFT Latin American Regional Conference (LARC) - 2014
Latin America Regional Conference
29 May 2014
Stacy Rosenthal, Head...
The Road to 2015 (SWIFT2015 Strategy)
18 Initiatives in 4 Key Areas
Deepening the Core Expanding the Core
Enabling Interop...
The Road to 2015 (SWIFT2015 Strategy)
Context
• Evolving context since
SWIFT2015 took
shape
–Increased regulation
–Sanctio...
4
Sharing our way forward
Compliance
4
5
The Compliance Roadmap
FATF 16 Information quality
Compliance Analytics
Sanctions list
Mngt service
Sanctions KYC AML
Pr...
6
Corporates
SWIFT for Corporates
Payments
Cash Management
Foreign Exchange
Multi Asset Class Matching
Trade Finance
Supply Chain Finan...
Corporate Adoption – Executive summary – 2013
New corporate groups in 2013 173 (20% vs. 2012)
20%
10%
70%
Americas
Asia Pa...
Corporates
Steady growth
9
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
0
20
40
60
80
100
120
...
10
Identity & Mandate
Management
3SKey for Authentication
10
11
Identity & Mandate Management
Challenges - Multiple portals, several tokens
SWIFT Latin American Regional Conference (L...
12
Identity & Mandate Management
3SKey for Single Sign-on
 Web e-Banking
 Cloud applications
 Cash &Treasury portals
 ...
13
MyStandards
13
All standards-related information you need
14
MyStandards
All standards-related information you need in a unique and simple platform
Base Standards: MT/MX/ISO 20022
...
15
MyStandards
MyStandards
Readiness
Portal
Meet the
experts
Ramp up
Clients
Faster
Self
Service
Testing
Customer
Service
MyStandards Overview
• MyStandards has two main
parts
1. MyStandards web platform
• Manage and publish your client facing ...
MyStandards Readiness
Portal Overview
3. MyStandards Readiness Portal
builds upon, and is accessed
from MyStandards
– Inte...
18
19
Accurate and up to date information
Reference Data
19
Your needs..
• increasing regulation pressure and
demand
• SEPA, FSA, LEI, …
Compliance
• Quality data from guaranteed sou...
SWIFTRef
Purpose
SWIFTNet
for connectivity
SWIFT/ISO
standards for
the format
SWIFTRef for
identification &
routing
MT103
...
A single source of Reference data
Accurate, affordable & accessible
All-in
Combining worldwide bank identification details...
Registered corporates 258
Connected to SWIFT 56%
Countries 28
SWIFTRef Adoption - Corporates
258 Corporates adopted SWIFTR...
24
It all starts with data
Business Intelligence
24
Perspectives Swift data can bring you
Switzerland, 10%,
16%, 410,214
United States,
1%, 24%,
385,075
China, 15%,
10%,
165,...
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 26
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 27
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 28
29
From CICI to GMEI
LEI
29
Global LEI System
•International financial market regulators
•Upholds governance principles and oversees
that global LEI s...
CFTC
Regulatory requirements (Part 45)
• Reporting firms must identify themselves and counterparties
with certified CICIs
...
ESMA
EMIR - Requirements
• Central role for ESMA
– With Local / National supervision
– Moving OTC Derivatives to centralis...
DTCC/SWIFT Utility
• International Financial Industry
(GFMA) selected DTCC/SWIFT
bid
• CFTC selected DTCC/SWIFT
solution f...
Utility Statistics (a/o 1 February)
• Statistics
– Total records 109,545
• Regional split
– US 61,566 56.2%
– EU 29,531 27...
35SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
Useful links
www.swift.com/lei
swiftref.swift.com/bic-lei-directory
www.gmeiutility.org
www.leiroc.org
36SWIFT Latin Ameri...
37
Multi Asset Matching
37
Multi Asset Class Matching
CounterpartyCorporate
Streamlining and automating processes for tailored risk management,
regul...
Presentations from LARC
http://www.slideshare.net/swiftcommunity
SWIFT Latin American Regional Conference (LARC) - 2014 28...
Q&A
?
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 40
41
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Larc2014 - Road to 2015

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Larc2014 - Road to 2015

  1. 1. SWIFT Latin American Regional Conference (LARC) - 2014 Latin America Regional Conference 29 May 2014 Stacy Rosenthal, Head of Supplementary Products, SWIFT The Road to 2015
  2. 2. The Road to 2015 (SWIFT2015 Strategy) 18 Initiatives in 4 Key Areas Deepening the Core Expanding the Core Enabling Interoperability and TCO Reduction Interface Hosting Services High-End Interfaces Low-End Connectivity Go Local Enabling Transformation BrandPlatform Innovation People CSR Reference Data Sanctions Matching Custody & Asset Servicing RTGS Corporates Correspondent Banking Clearing & Settlement 2SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  3. 3. The Road to 2015 (SWIFT2015 Strategy) Context • Evolving context since SWIFT2015 took shape –Increased regulation –Sanctions, KYC, AML –Cyber crime –Asian expansion 3SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  4. 4. 4 Sharing our way forward Compliance 4
  5. 5. 5 The Compliance Roadmap FATF 16 Information quality Compliance Analytics Sanctions list Mngt service Sanctions KYC AML Processing services Traffic analysis Standards Data repositories KYC registry AML testing & tuning Sanctions Screening Sanctions Testing & tuning (transaction & client systems) Traffic restriction (RMA) Live Development Qualification Exploration Quality Assurance Client/Name screening SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  6. 6. 6 Corporates
  7. 7. SWIFT for Corporates Payments Cash Management Foreign Exchange Multi Asset Class Matching Trade Finance Supply Chain Finance Regulatory Requirements eStatements eBAM Reference Data Global Industry Standards Implementation Guidelines Fast Onboarding Personal PKI Certificates User Entitlements Traceability Single Sign-on Payment Assurance Faster Payments Pre-shipment Finance Post-shipment Finance A/R Reconciliation SWIFT’s Training & Consulting Services Trouble-free payments and SEPA compliance Identity and mandate management Certainty and efficiency in the supply chain Secure financial connectivity 7
  8. 8. Corporate Adoption – Executive summary – 2013 New corporate groups in 2013 173 (20% vs. 2012) 20% 10% 70% Americas Asia Pacific EMEA Traffic (FIN 31% FileAct 41% Q4 2013 vs. Q4 2012) Bank adoption 908 banking groups offering corporate connectivity 46 banking groups certified  573 banks (BIC8)  117 countries Corporate Group adoption (BIC8) 3SKey: 36 banking groups BPO: 55 banking groups 31% FORTUNE Global 500 On SWIFT 1200+ Corporate groups connected 8
  9. 9. Corporates Steady growth 9 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 0 20 40 60 80 100 120 140 160 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 FINMonthlyTraffic CountofCorporatesSending/RecievingFIN Americas Corporates Growth MTs Sent and Recieved AMER represents 19% of the global corporates, but contributes 43% of the traffic Total number of AMER corporates = 199, across FIN, FileAct and InterAct SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  10. 10. 10 Identity & Mandate Management 3SKey for Authentication 10
  11. 11. 11 Identity & Mandate Management Challenges - Multiple portals, several tokens SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  12. 12. 12 Identity & Mandate Management 3SKey for Single Sign-on  Web e-Banking  Cloud applications  Cash &Treasury portals  Sensitive applications  … Corporate user SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  13. 13. 13 MyStandards 13 All standards-related information you need
  14. 14. 14 MyStandards All standards-related information you need in a unique and simple platform Base Standards: MT/MX/ISO 20022 Global market practices Local market practices Bilateral guidelines Internal specifications SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  15. 15. 15 MyStandards MyStandards Readiness Portal Meet the experts Ramp up Clients Faster Self Service Testing Customer Service
  16. 16. MyStandards Overview • MyStandards has two main parts 1. MyStandards web platform • Manage and publish your client facing usage guidelines • Base standards content and comparison • Other publishers usage guidelines 2. MyStandards editor • The editor is used off-line to define usage guidelines • The usage guidelines are then uploaded into the MyStandards web platform 16
  17. 17. MyStandards Readiness Portal Overview 3. MyStandards Readiness Portal builds upon, and is accessed from MyStandards – Internal testing – Client self-service testing – Clients test against Citi specific usage guidelines – Reduces support & hand-holding when bringing on new clients 17
  18. 18. 18
  19. 19. 19 Accurate and up to date information Reference Data 19
  20. 20. Your needs.. • increasing regulation pressure and demand • SEPA, FSA, LEI, … Compliance • Quality data from guaranteed source • Data is complete, linked and up-to-dateRisk • Straight-through-processing, repair costs • Data collection – multiple data sets = limited integration = high cost Cost SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 20
  21. 21. SWIFTRef Purpose SWIFTNet for connectivity SWIFT/ISO standards for the format SWIFTRef for identification & routing MT103 reference data Efficient messaging + + = SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 21
  22. 22. A single source of Reference data Accurate, affordable & accessible All-in Combining worldwide bank identification details, IBAN/SEPA data Up-to-date Daily/Monthly updates, no manual maintenance needed Easy One single file-import ERP integration (e.g. SAPTM directories) Flexible Data can be imported in SEPA-mode or non- SEPA mode, One country or multiple at the time T2 EPC ISO Bankers accuity SSI Nat IDs - local ACHs SWIFT Licensed banks MT670 EBA MT094s The BIC registration authority 22SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  23. 23. Registered corporates 258 Connected to SWIFT 56% Countries 28 SWIFTRef Adoption - Corporates 258 Corporates adopted SWIFTRef in 2013 23
  24. 24. 24 It all starts with data Business Intelligence 24
  25. 25. Perspectives Swift data can bring you Switzerland, 10%, 16%, 410,214 United States, 1%, 24%, 385,075 China, 15%, 10%, 165,789 Sweden, -1%, 78%, 145,023 -50% 0% 50% 100% -15% -10% -5% 0% 5% 10% 15% 20% Clients Reciprocity 0% 20% 40% 60% 80% 100% 201010 201012 201102 201104 201106 201108Sum of # Messages sent Sum of # Messages received Counterparty evolution Cross-selling Customer Credit Transfers Fin. Inst. Transaction Documentary Credits Collections Foreign exchange 0 50 Thousands Customer Credit Transfers Fin. Inst. Transaction Treasury Trade finance Market insights Activity share Peer benchmarking 51% 25% 7% 4% 13%EUR USD GBP CHF Others Market 0 5,000,000 10,000,000 15,000,000 Bank 1 Bank 2 You Bank 4 Bank 5 Bank 6 Bank 7 SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 25
  26. 26. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 26
  27. 27. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 27
  28. 28. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 28
  29. 29. 29 From CICI to GMEI LEI 29
  30. 30. Global LEI System •International financial market regulators •Upholds governance principles and oversees that global LEI system functions for public interest •Plenary and Executive Committee • Oversees functioning of the COU, operational integrity and implementation, maintenance of standards specified by the ROC • Appointed and overseen by ROC, composed of stakeholders from financial & non-financial firms • Ensure application of uniform operational standards and protocols to maintain uniqueness of LEI and high data quality • Manage federation through LOUs • Maintain central logical database • Provision of LEI functions • Service providers, local business registries, numbering agencies Local Operating Unit (LOU) Local Operating Unit (LOU) Local Operating Unit (LOU) Central Operating Unit (COU) Board of Directors Regulatory Oversight Committee Governance Operations 30SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  31. 31. CFTC Regulatory requirements (Part 45) • Reporting firms must identify themselves and counterparties with certified CICIs • Reporting firms must keep records of transactions • Reporting firms must report transactions to registered swap data repositories • Effective since April 2013 • Major Swap Participants / Swap Dealers http://www.cftc.gov/PressRoom/PressReleases/pr6563-13 31SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  32. 32. ESMA EMIR - Requirements • Central role for ESMA – With Local / National supervision – Moving OTC Derivatives to centralised clearing (CCPs) – Standardisation of OTC Derivatives contracts – Increased market transparency via reporting to Trade Data Repositories • Reporting obligations start February 2014 http://www.esma.europa.eu/page/European-Market-Infrastructure-Regulation-EMIR 32SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  33. 33. DTCC/SWIFT Utility • International Financial Industry (GFMA) selected DTCC/SWIFT bid • CFTC selected DTCC/SWIFT solution for CICI • Launch of CICI Utility at www.ciciutility.org • ROC Global Endorsement of CICI Utility • Re-branding of CICI Utility to GMEI Utility at www.gmeiutility.org • Transition into Global LEI System  8 July 2011  24 July 2012  21 August 2012  3 October 2013  24 January 2014 33SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  34. 34. Utility Statistics (a/o 1 February) • Statistics – Total records 109,545 • Regional split – US 61,566 56.2% – EU 29,531 27.0% – Total countries 154 • All endorsed LOUs – Total records 160,433 – Total countries 164 – GMEI Utility 68.2% 34SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  35. 35. 35SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  36. 36. Useful links www.swift.com/lei swiftref.swift.com/bic-lei-directory www.gmeiutility.org www.leiroc.org 36SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  37. 37. 37 Multi Asset Matching 37
  38. 38. Multi Asset Class Matching CounterpartyCorporate Streamlining and automating processes for tailored risk management, regulatory compliance and efficiency Accord / Affirmations Deal (offline) Matched Confirmations Matching (Accord / Affirmations) Confirmations (MT 3XX) 38 1 FX Spot or NDF or Money Market trade 2 Exchange of Confirmations 3 Matching of confirmations Accord Matching Real Time reporting and exception handling SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  39. 39. Presentations from LARC http://www.slideshare.net/swiftcommunity SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 39
  40. 40. Q&A ? SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 40
  41. 41. 41
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