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Introduction to ISO 20022 UNIFI ISO 20022 Introduction to by suchenfz

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									UNIFI (ISO 20022)

                        Introduction to ISO 20022 –
                        UNIversal Financial Industry
                        message scheme


                          UNIFI (ISO 20022)



UNIFI_(ISO_20022)_v32                                  Slide 1
Agenda
 UNIFI (ISO 20022):
    – value proposition
    – the standard
    – the actors
    – the registration process
    – the Repository
 UNIFI registration platform
 Cross industry harmonisation
 Interoperability within the financial industry
Q&A


UNIFI_(ISO_20022)_v32                              Slide 2
The UNIFI value proposition (1/5)

Objective
To enable communication interoperability
between financial institutions, their market
infrastructures and their end-user communities
Major obstacle
Numerous overlapping standardisation initiatives
looking at XML financial messages:
MDDL, FIX, FinXML, VRXML, RIXML, XBRL, FpML, IFX, TWIST,
SWIFT, RosettaNet, OAGi, ACORD, CIDX, etc.

UNIFI_(ISO_20022)_v32                                      Slide 3
The UNIFI value proposition (2/5)

Proposed solution
A single standardisation approach (methodology,
process, repository) to be used by all financial
standards initiatives



                        UNIFI (ISO 20022)
UNIFI_(ISO_20022)_v32                          Slide 4
The UNIFI value proposition (3/5)
Convergence into ONE standard is the long term
objective….




 …but in the interim several standards need to
 coexist to enable quick response to competitive
 pressures and regulatory demands
UNIFI_(ISO_20022)_v32         Source: John Mersberg, IBM Corporation   Slide 5
 The UNIFI value proposition (4/5)
 Growth adds exponential complexity and expense…

       EDIFACT                   RosettaNet        Without common building
                                                   blocks:
 IFX                                      SWIFT    • Point-to-point connection
                                                   • Data is mapped directly from
                                                   one application to another
OAGi                                   Proprietary • Costly, unscalable and
                                          format   difficult to implement and
                                                   maintain
                                                   • Process, routing, rules logic
 TWIST                                             needs to be coded to specific
                         42 interfaces = n * (n-1) message types




 UNIFI_(ISO_20022)_v32                        Source: John Mersberg, IBM Corporation   Slide 6
 The UNIFI value proposition (5/5)
Standardised implementation reduces cost, time to effect change
and improves overall performance…
        EDIFACT                         RosettaNet

                                                         Canonical message model =
  IFX                                          SWIFT     • True process integration
                                                         • Reduced brittleness, faster to

OAGi
                       Canonical             Proprietary respond to change
                   Message Model                         • Shared message services –
                   (i.e. ISO 20022)            format
                                                         single/shared parser, message
                                                         independent rules engine, etc.
 TWIST                                                   • Unified monitoring / audit trail

                                 14 interfaces = n * 2


                          UNIFI aims at long term convergence,
                         while facilitating short term coexistence…
 UNIFI_(ISO_20022)_v32                                   Source: John Mersberg, IBM Corporation   Slide 7
UNIFI - Illustrating business modelling




                                                             All institutions have
                                                             their own sets of
                                                             data objects
                                                       ISO standardises common
                                                       data objects…


                                                  …and groups them into ‘syntax-
                                                  neutral’ message models, which...

                                                      … can be ‘transformed’ in
                        EDIFACT                       message formats in the
                                                      desired syntax
                                  XML         ISO 15022
UNIFI_(ISO_20022)_v32                   FIX                                           Slide 8
The UNIFI recipe – Major ingredients (1/2):

      Modelling-based standards development
      - Syntax-independent business standard
      - Validated by the industry
      Syntax-specific design rules for XML
       - Predictable and ‘automatable’
       - Protect standard from technology evolution
      Reverse engineering approach
       - Protect industry investment and ease interoperability
       - Prepare for future migration


UNIFI_(ISO_20022)_v32                                            Slide 9
The UNIFI recipe – Major ingredients (2/2):

      Development / registration process
      - Clearly identified activities and roles
      - Business experts and future users involved upfront
      Repository on the ISO 20022 website
       - Business Process Catalogue & Data Dictionary
       - Outside of official standard (maintained by
         registration bodies)


                                  www.iso20022.org


UNIFI_(ISO_20022)_v32                                        Slide 10
UNIFI – The five parts of ISO 20022

                   International Standard: Overall methodology and format
    Part 1:        specifications for inputs to and outputs from the ISO 20022
                   Repository

                   International Standard: Roles and responsibilities of the
    Part 2:
                   registration bodies

    Part 3:        Technical Specification: ISO 20022 modelling guidelines

    Part 4:        Technical Specification : ISO 20022 XML design rules

    Part 5:        Technical Specification: ISO 20022 reverse engineering


                   Copies can be obtained from www.iso.org
UNIFI_(ISO_20022)_v32                                                          Slide 11
UNIFI – The actors (1/2)
        Submitting organisations
            Communities of users or organisations that want to
            develop UNIFI compliant messages to support their
            financial transactions

        Could be
             ACBI           Euroclear   ISITC     Omgeo
             Clearstream    FIX         ISTH      SWIFT
             CLS            FpML        MDDL      TWIST
             EPAS           IFX         OAGI      TBG5      Etc.
        Reasons
            Creation of a new set of UNIFI messages to support a
            specific transaction
            Update of existing UNIFI message sets to accommodate
            the evolution of the business
UNIFI_(ISO_20022)_v32                                              Slide 12
UNIFI – The actors (2/2)
  Registration Management Group, RMG
        –    Overall governance / court of appeal
        –    Approve business justifications for new standards
        –    Create Standards Evaluation Groups (SEGs)

  Standards Evaluation Groups, SEGs
        –    Represent future users of specific financial areas
        –    Validate message standards

  Registration Authority, RA
        –    Ensure compliance
        –    Maintain and publish UNIFI Repository

  Technical Support Group, TSG (to be created)
        –    Assist RMG, SEGs, RA and submitting organisations


UNIFI_(ISO_20022)_v32                                             Slide 13
UNIFI - The registration process (1/3)
                    Submitter      Financial industry group or standards body
R
M                   Business       Business justification
                   justification
G
                        RMG
                                   Project approval & allocation to a SEG

m                       SEG
                                   Endorsement of scope and developers
o
                   Submitter       Development & provisional registration
n                    & RA
i                       SEG
                                   Business validation
t                                  Official registration     Repository
o                       RA         and publication
r                                                            Dictionary
                    Submitter      Optional pilot testing
s                    & users       or first implementers     Catalogue


                                                            www.iso20022.org
UNIFI_(ISO_20022)_v32                                                       Slide 14
UNIFI - The registration process (2/3)
                    Submitter      Financial industry group or standards body
R
M                   Business       Business justification
                   justification
G
                        RMG
                                   Project approval & allocation to a SEG

m                       SEG
                                   Endorsement of scope and developers
                                                              Candidate UNIFI messages
o
                   Submitter       Development & provisional registration
n                    & RA
i                       SEG
                                   Business validation
                                                                          UNIFI messages
t                                  Official registration     Repository
o                       RA         and publication
r                                                            Dictionary
                    Submitter      Optional pilot testing
s                    & users       or first implementers     Catalogue


                                                            www.iso20022.org
UNIFI_(ISO_20022)_v32                                                              Slide 15
UNIFI - The registration process (3/3)
                                             UNIFI                       
                                          Registration               Business
                                       Management Group             justification
                                                           UNIFI
                           UNIFI                         Standards
                        Registration                                                  ISTH
                                                     Evaluation Groups
                         Authority
                                                                                     Omgeo
                   UNIFI Financial
                    Repository                           Securities
                                                                                      CLS
                                          Business                                              UNIFI
                                           models                                               Users
                           Data                                                      SWIFT
                        Dictionary
                                                         Payments
                                         Candidate                                  Euroclear
                                           UNIFI
                       Business         messages
     UNIFI               Process                                                     ISITC
                                                       Trade Services
    messages            Catalogue

                 www.iso20022.org                                                     ACBI
                                                            Forex

UNIFI_(ISO_20022)_v32                                                                                   Slide 16
  UNIFI – The Financial Repository


   Data Dictionary
         - Business Concepts
         - Message Concepts
         - Data Types
   Business Process Catalogue
         - Financial business process models
         - Financial business transactions, including messages
         - XML message schemas

                                     www.iso20022.org

UNIFI_(ISO_20022)_v32                                        Slide 17
Continuing with today’s agenda

UNIFI (ISO 20022)

          UNIFI registration platform




UNIFI_(ISO_20022)_v32                   Slide 18
UNIFI - The deployment
     Approval of the international standard 

     Selection of the Registration Authority 

     Set-up of www.iso20022.org 

     Creation of Registration Management Group 

     Creation of the first Standards Evaluation Groups 

     Registration and publication of first ‘UNIFI messages’ 

  Ongoing: promotion to developers (standardisers, industry bodies)
                  and users (vendors, end-users)

UNIFI_(ISO_20022)_v32                                          Slide 19
UNIFI – How does it fit into the ISO
structure?
                        ISO Technical Committee TC68
                              Financial Services
 SC2           SC4        SC7
Security     Securities   Banking
                                                 UNIFI           WG4
                                                 RMG          UNIFI Review

 RMG members nominated by              TSG                     RA
 P-member countries and A-
 liaison organisations
                                      SEG
                                    Securities                SEG
 TSG & SEG members
                                                         Trade Services
 nominated by all member
 countries and liaison                  SEG          SEG
 organisations                        Payments        FX


UNIFI_(ISO_20022)_v32                                                     Slide 20
 UNIFI – Registration Management Group
 Members - 50 senior managers from:
     – 18 countries: AT, AU, CA, CH, DE, DK, FI, FR, GB, IT, JP,
       KR, LU, NL, NO, SE, US, ZA.
     – 9 liaison organisations: Clearstream, Euroclear, FPL,
       FpML, ISITC, SWIFT, TWIST, UN/CEFACT/TBG5, VISA.
 Convener: Gerard Hartsink, ABN Amro (NL); Vice-convener:
  Bob Blair, JPMorgan Chase (US); Secretary: Cynthia Fuller,
  X9 (US)
 Meetings: twice a year
 Key decisions:
   – Creation of Payments and Securities SEGs in 2005
   – Creation of Trade Services and Forex SEGs in 2006
   – Approval of 26 projects (Business Justifications)
UNIFI_(ISO_20022)_v32                                      Slide 21
UNIFI – The Payments SEG (1/3)
 Members – 39 experts
    – 13 countries: AT, AU, CH, DE, DK, FI, FR, GB, NL, NO,
      SE, US, ZA
    – 5 liaison organisations: Euroclear, IFX, SWIFT, TWIST,
      UN/CEFACT/TBG5
 Convener: Len Schwartz, ABN Amro (NL); Vice-convener:
  Bob Blair, JP Morgan Chase (US); Secretary: Deb
  Hjortland, FRB (US)
 Kick-off meeting: in June 2005
 Approved: C2B payment initiation (SWIFT/ISTH), Interbank
  credit transfers and direct debits (SWIFT), Exceptions and
  investigations (SWIFT), B2C advice & statement
  (ISTH/ISITC)
 Next: Change/Verify Account Identification (GUF), Cash
  management (SWIFT)
UNIFI_(ISO_20022)_v32                                   Slide 22
  UNIFI – The Payments SEG (2/3)
covering instruments such as:

    Credit
                           Payments
   transfer                        covering actors such as:
       s
                   Cheque
                     s
                                                Financial
    Direct                                     institution
    debits                       Private &          s
                                corporate                    Clearing
                 Debit &        customers                    houses &
                  credit                                       RTG
                  cards                                      systems
                                                 Central
                                  Payment        banks
                                 ‘factories’

 UNIFI_(ISO_20022)_v32                                           Slide 23
UNIFI – The Payments SEG (3/3)
                                                     Clearing & settlement
including business areas such as:
                                                             Interbank
Payment initiation                                         transfers via
                                                          correspondent
                                                            banking or
       Retail /                                             ACHs, high
     commercial                                          value payments,
                                                          low value bulk
      payments,
   communications
     between the
                             Payments                       payments,
                                                            RTGS, etc.
       ordering
   customer and its
      bank, etc.           Cash management between various actors:
                       Account        ...the account         …to the
                       opening,           servicing         ordering &
                   standing orders,    institutions to      beneficiary
                   transaction and         account          customers,
                       account             owners,        reconciliation,
                     information,         including        exceptions &
                      advices &       reporting from      investigations
                   statements from      the financial        handling.
                          …             institution…
UNIFI_(ISO_20022)_v32                                                       Slide 24
UNIFI – The Securities SEG (1/3)
 Members – 54 experts
   – 16 countries: AU, CA, CH, DE, DK, FI, FR, GB, JP, LU, NL, NO, SE,
     TR, US, ZA
   – 7 liaison organisations: Clearstream, Euroclear, ISDA/FpML, ISITC,
     FISD/MDDL, FPL, SWIFT
 Convener: Karla McKenna, Citigroup (US); Vice-convener: Didier
  Hermans, Euroclear; Secretary: Dana Brants, SWIFT
 Kick-off meeting: in June 2005
 Approved: Investment funds (SWIFT), Transaction regulatory reporting
  (SWIFT), Proxy voting (SWIFT)
 Under evaluation: Pre-trade/trade (SWIFT)
 Next: Total portfolio valuation statement (ISITC), Issuer’s agents
  communication for CA (Euroclear), Post-trade (Omgeo), Registration &
  holder identification (Euroclear), Market claims & automatic
  transformations (Euroclear), Corporate actions (SWIFT), Settlement &
  reconciliation (SWIFT), Securities issuance (Euroclear), Triparty
  collateral management (SWIFT), Fund processing passport report
  (SWIFT)
UNIFI_(ISO_20022)_v32                                              Slide 25
  UNIFI – The Securities SEG (2/3)
covering instruments such as:
                          Securities
Equities                              covering actors such as:
                                                                     Service
                Fixed                                                bureaux
               income              Investment
                                   managers,           Broker /
Funds                              distributors,       dealers
                                     transfer                      Custodians
                                  agents, fund
            Deriva-               administrator
             tives                       s            Regulators
                                            Stock                   CSDs,
                                         exchanges                  ICSDs
                                            , ETC
                           Market         providers    Clearing
                            Data                       houses,
  UNIFI_(ISO_20022)_v32   Providers                     CCPs            Slide 26
  UNIFI – The Securities SEG (3/3)
 including business areas such as:
                                           Clearing            Custody
                                               &
           Initiation                     settlemen
             , pre-                            t                 Income,
             trade                                              corporate
                                                                 actions,
                                                               market data,
                              Securities                       proxy voting
Securities management
                Account
               opening,          Trade,     Collateral management
           standing orders,       post-
           transaction and       trade
                account
             information,                             Collateral,
              advices &                                 repos,
             statements,                              securities
               queries &                              lending &
            investigations                            borrowing
  UNIFI_(ISO_20022)_v32                                              Slide 27
Looking at the advantages UNIFI (ISO 20022)
brings over ISO 15022
  UNIFI (ISO 20022):
      Builds on the ISO 15022 data dictionary concept and registration
       infrastructure, but strengthens the monitoring by the industry
      Uses a more robust, syntax independent development
       methodology based on UML modelling of business processes
       and transactions
      Uses XML as the syntax for the actual physical messages
      Has a wider scope than ISO 15022, which is only for securities
       messages
      Is in line with directions taken by other industries (UN/CEFACT)

                       Syntax independent business modelling
                     is key to the UNIFI (ISO 20022) standard !
 UNIFI_(ISO_20022)_v32                                              Slide 28
UNIFI – The FX SEG (1/3)
 Members – 26 experts
      – 11 countries: AU, CA, CH, DE, FR, GB, NL, NO, SE, TR,
        US
      – 3 liaison organisations: FPL, ISITC, SWIFT
 Convener: Ludy Limburg, ABN Amro (NL); Vice-convener:
  Tony Smith, JP Morgan Chase (UK); Secretary: Joshua
  Derrick, SWIFT
 Kick-off meeting: in September 2006
 Approved: Forex notifications (CLS)




UNIFI_(ISO_20022)_v32                                    Slide 29
  UNIFI – The FX SEG (2/3)
covering instruments such as:
                          Foreign eXchange
 Spot                                covering actors such as:         Trading
                                                                      portals,
                                                                     matching
                Swaps                                                services
                                                     Hedge           providers
Forward                              Investment      funds
                                      managers                     Custodians
            Currenc
               y
            Options                                  Dealers
                                                                   Applicatio
                                         CLS and                       n
                                           CLS                     providers
                                        settlement
                                        members       Industry
                           Money                     association
                           brokers                    s (ISDA)
  UNIFI_(ISO_20022)_v32                                                 Slide 30
UNIFI – The FX SEG (3/3)
including business areas such as:       Trade:
                                         order,
             Pre-                     execution,
            trade:                    allocation,     Post-trade:
              IOI,                    affirmation
           quotes,                        , etc.     confirmation,
              etc.                                     matching,
                                                      assignment,
                                                     novation, etc.
                    Foreign eXchange
          Notification                       Clearing and
          of trades to     Trigger           Settlement,
          third parties    events,             including
                           option            netting and
                          exercises             related
                                               reporting
UNIFI_(ISO_20022)_v32                                         Slide 31
UNIFI – The Trade Services SEG (1/3)
 Members – 23 experts
      – 12 countries: AU, CH, DE, DK, FI, FR, GB, IS, IT, NL,
        US, ZA
      – 2 liaison organisations: ISITC, SWIFT
 Convener: Katja Lehr, IFSA (US); Vice-convener:
  Dominique Pierre Barthares, BNP Paribas (FR); Secretary:
  Jim Wills, SWIFT
 Kick-off meeting: in September 2006
 Approved: Invoice Financing Request (ACBI), Trade
  Services Management (SWIFT)
 Next: e-Invoice (UN/CEFACT/TBG5)

UNIFI_(ISO_20022)_v32                                       Slide 32
  UNIFI – The Trade Services SEG (2/3)
            covering products…
                          Trade Services
Collection                          …and services such as:
                Documentar
                  y credit                               Reconciliation
                                                          (A/R, A/P),
Letter of                                 Open
 credit                                                 remittance data
                                         Account
                                         Trading
             Guarante
                e                                     EBPP         Pre/post-
                                          Purchase                 shipment
                                            order,                 financing
                                          transport               & factoring
                          e-Invoicing,   documents      Invoice
                             EBPP                     financing
  UNIFI_(ISO_20022)_v32                                                Slide 33
UNIFI – The Trade Services SEG (3/3)
              including actors such as:

         Private and
          corporate                Financial             Associations
         customers                Institutions          providing rules
         (treasurers                                      and master
              )                                           agreements
                                                        (eg IFSA, ICC)
                    Trade Services
            Risk                                   Trade facilitators:
        managemen                                    chambers of
         t entities          Application              commerce,
                              providers          insurance co, freight
                                                 forwarders, carriers,
                                                  customs, factoring
                                                          co
UNIFI_(ISO_20022)_v32                                               Slide 34
Continuing with today’s agenda

UNIFI (ISO 20022)

      Cross-industry harmonisation




UNIFI_(ISO_20022)_v32                Slide 35
    Harmonising across all industries
    with UN/CEFACT
    United Nations/CEFACT –
    Centre for trade facilitation and e-business
        Created in 1997 to improve world-wide co-ordination
         of trade facilitation across all industries
        Focusing on international standards for electronic
         transactions (e.g., ebXML venture with OASIS)
        Promoting technology neutral business modelling and
         a central repository of core components

          Ultimate goal is that UNIFI provides the financial portion
                       of the UN/CEFACT repository
UNIFI_(ISO_20022)_v32                                                  Slide 36
    Harmonisation between ISO and
    UN/CEFACT
     2004:
       – TC68, TBG5 and SWIFT sign a cooperation agreement to
          investigate alignment in line with the objectives of the ‘MoU
          on e-Business’
       – A workplan is agreed between the signatories
     2005:
       – Recommendation for alignment of methodologies
       – Trial submission from UNIFI to UN/CEFACT
     2006:
       – WG4 takes over technological alignment
     2007:
       – First official submission from UNIFI to UN/CEFACT
     2008:
       – Customer-to-bank payment components harmonised and
          accepted in UN/CEFACT core component library

UNIFI_(ISO_20022)_v32                                                     Slide 37
Long term convergence goal
A single ISO-UN/CEFACT approach
                                                          UNIFI
                                                       Registration
                                                    Management Group                   UNIFI
                                                                                       Users
                                                                        UNIFI
                                        UNIFI                         Standards
                                     Registration                                       ISTH
    UN / CEFACT                                                   Evaluation Groups
   (All Industries)                   Authority
                                                                                       Omgeo
UN/CEFACT Registry/                 UNIFI Financial
    Repository                       Repository                        Securities
                                                                                        CLS
                                                       Business
                                                       Requests
       Core                              Data                                          SWIFT
    Components                        Dictionary                       Payments
                         TBG17
                        Harmo-                                                        Euroclear
                                                       Message
                        nisation
      Common                          Business         Models
     Business                          Process                      Trade Services     ISITC
     Processes                        Catalogue

                                   www.iso20022.org                                     ACBI
                                                                         Forex

UNIFI_(ISO_20022)_v32                                                                   Slide 38
Continuing with today’s agenda

UNIFI (ISO 20022)
        Interoperability within
  the financial industry - securities




UNIFI_(ISO_20022)_v32               Slide 39
Two overlapping standards to support the
end-to-end transaction


                    FIX        Trade         ISO 15022




               FIX          Messages            ISO 15022

                            Indication
                            Quotation
                              Order                
                            Execution              
                         (Pre-)Allocation          
                          Confirmation             
                            Settlement              
                           Reconciliation           

UNIFI_(ISO_20022)_v32                                       Slide 40
Working towards co-existence and
convergence


    Ordering               Trade           Executing        Trade         Ordering
     Party              Counterparty         Party       Counterparty      Party

                Order                                               Order
                (FIX)                                            (ISO 15022)
                                   Order            Order
                                   (FIX)         (ISO 15022)


                                 Execution         Execution
                                   (FIX)         (ISO 15022)
              Execution                                           Execution
                (FIX)                                           (ISO 15022)




UNIFI_(ISO_20022)_v32                                                           Slide 41
Working towards co-existence and
convergence

                          FIX       ISO 15022    UNIFI




                          New
                                                 Single
      Order              Order -     MT 502
                                                 Order
                         single


                        Execution                Single
    Execution                        MT 513
                         Report                 Execution




UNIFI_(ISO_20022)_v32                                     Slide 42
Working towards co-existence and
convergence
                                         FIX                     UNIFI                   ISO 15022

              Order to buy/sell   54=1               Side/BUYI                    :22F::BUSE//BUYI

              Security            22 = 4; 48 = <ISIN> ISIN/<ISIN>                 :35B::<ISIN>
  ORDER




              Quantity            38 = 1000          OrderQuantity3/Quantity      :36B::ORDR//UNIT/1000

              Limit price         44 = 112; 40 = 2   Order3/OrderPrice/Price1     :90B::LIMI//ACTU/USD112

              Expiry date         432 = YYYYMMDD     OrderExpiryDate              :98A::EXPI//YYYYMMDD

              Account USD         1 = myAccount      AccountIdentification        :97A::CASH//myAccount

              Executed quantity   32 = 750           ExecutedTradeQuantity        :36B::CONF//UNIT/750
  EXECUTION




              Executed price      31 = 110; 15 = USD ExecutedTradePrice           :90B::DEAL//ACTU/USD110

              Execution date      75 = YYYYMMDD      TradeDate                    :98A::TRAD//YYYYMMDD

              Settlement date     64 = YYYYMMDD      SecuritiesSettlement1/Date   :98A::SETT//YYYYMMDD



UNIFI_(ISO_20022)_v32                                                                                Slide 43
Working towards co-existence and
convergence


    Ordering            Trade          Executing          Trade         Ordering
     Party           Counterparty        Party         Counterparty        Party
                Order           Order            Order            Order
                (FIX)            (FIX)       (ISO 15022)       (ISO 15022)

              Execution       Execution       Execution        Execution
                (FIX)           (FIX)       (ISO 15022)      (ISO 15022)


                Order           Order           Order           Order
                (FIX)           (FIX)          (UNIFI)         (UNIFI)

              Execution       Execution      Execution        Execution
                (FIX)           (FIX)         (UNIFI)          (UNIFI)



UNIFI_(ISO_20022)_v32                                                         Slide 44
Continuing with today’s agenda

UNIFI (ISO 20022)
        Interoperability within
  the financial industry - payments




UNIFI_(ISO_20022)_v32             Slide 45
Working towards interoperability and
convergence


                                                       Bank A
                           IFX format


                        Proprietary format
                                                       Bank B

    Customer A
                             SWIFT
                             MT 101                    Bank C



        Let us look at one concrete example from payments area:
       a customer may need to adapt to the format of the banks…
UNIFI_(ISO_20022)_v32                                             Slide 46
Working towards interoperability and
convergence



                           IFX format
    Customer A

                        Proprietary format
                                               Bank A

    Customer B
                             SWIFT
                             MT 101

    Customer C

  …or banks may need to accept many formats…
UNIFI_(ISO_20022)_v32                                   Slide 47
Working towards interoperability and
convergence

                                   Proprietary



                                     UNIFI             OAGi
                        TWIST    Core Payment
                                 Kernel model



                            SWIFT MT
                                                 IFX



   The reverse engineering produces a canonical UNIFI message
                 model and ‘convergence tables’
UNIFI_(ISO_20022)_v32                                         Slide 48
Working towards interoperability and
convergence

                         Core      IFX
                        Payment
                         Kernel




                             IFX              Core
                                             Payment
                                              Kernel



         Adopting UNIFI facilitates convergence and co-existence
UNIFI_(ISO_20022)_v32                                              Slide 49
                             www.iso20022.org




                        uestions
                        &
                        A      nswers
                          iso20022ra@iso20022.org
UNIFI_(ISO_20022)_v32                           Slide 50

								
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