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ISO 20022: It’s Coming…Are You Ready?

ISO 20022: It’s Coming…Are You Ready?

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INFOGRAPHIC: The Financial Services industry is migrating to ISO 20022. Are you ready?

INFOGRAPHIC: The Financial Services industry is migrating to ISO 20022. Are you ready?

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    ISO 20022: It’s Coming…Are You Ready? ISO 20022: It’s Coming…Are You Ready? Infographic Transcript

    • CORPORATETOBANK.COM@GXSFSAlthough ISO 20022 is only one (of many)standards in the financial industry…the industry is migrating to this newstandard to enable counterparties toimprove the consistency of theircommunications.What is ISO 20022?Why should I care?A standardized, internationallyagreed upon, approach for thedevelopment of financial servicesmessages.Sources:ISO 20022: http://www.iso20022.org/European Central Bank: http://www.ecb.int/paym/sepa/European Payments Council: http://www.europeanpaymentscouncil.eu/SWIFT: http://www.swift.com/products_services/Global EMEA APAC AmericasWhat sectors are migrating?Just about all of them!The ISO 15022 messages for funds (MT 502, 509,515) are migrating to the ISO 20022 equivalentmessages, with a deadline of November 2015.There are industry and regulatory-driveninitiatives underway across payments,securities, treasury, trade services, cards, andFX.SEPA MigrationThe SEPA payment formats arebased on the global ISO 20022message standardsThe Single Euro Payments Area (SEPA) isan initiative to create an integratedpayments market across Europe for anyorganization or individual making orreceiving payments in euros, with adeadline of February 2014.SEPA Migration Status (% complete)As of March 2013SEPA Credit Transfers SEPA Direct DebitsSecurities Funds MigrationFunds Migration Status (% complete)As of December 2012Corporate Treasury & ISO 20022Corporates are migrating to ISO 20022 as a single,global payment format. It enables straight-through-processing with ERP systems and theability to submit a consolidated payables file forbank processing.ISO 20022 for Trade ServicesSWIFT’s Trade Services Utility (TSU) uses ISO 20022messages to support document matching for purchaseorders, invoices, and other supply chain data.The Bank Payment Obligation (BPO) is an ISO 20022-based open account trade settlement instrument offeringbuyers and suppliers a new method to secure and financetrade transactions.ISO 20022 Cards MessagesThe ISO 20022 message set for Cards covers card transactionsbetween acceptor and acquirer, acquirer and issuer, sale systemand POI, terminal management, clearing and settlement, feecollection, etc.The SEPA Cards Framework outlines high level principles and rulesto deliver a consistent user experience when making or acceptingeuro payments or cash withdrawals.Foreign Exchange ISO 20022 MessagesEventually, there will be ISO 20022 messages supporting pre-trade, trade, post-trade, notification, clearing & settlement, andreporting & reconciliation of FX products. Currently, there areapproved messages only in place for post-trade.It’s Coming…Are You Ready?Need Help with your Migration to ISO 20022?Contact GXS to discuss your needs:− North America: +1 800-560-4347− Europe, Middle East and Africa: +44 (0)1932 776047− Asia Pacific: +852 2884-6088− Japan: +81-3-5574-7545− Email: swiftinfo@gxs.com