IBS Journal October 2015
Swift stand at Sibos
Current ISO 20022 projects
Finland – Finnish Federa- tion of Financial Services
The Finnish Federation of Financial Services (FFI) is building a new real-time payments infrastructure based on ISO 20022 and leveraging the new SEPA framework. The overall plan is to introduce an infrastructure scalable for other Eurozone countries as well, mak- ing it the first multi-country real-time payments offering.
Canada – Canadian Payments Association
The Canadian Payments Association (CPA), which underwent a migration to the ISO 20022 message format last year, is progressing with its major initiative to renew its payments clearing and settlement systems. Among the key goals for project is
the introduction of a modern real-time payments system, with the ISO 20022
standard at its core. CEO of CPA, Gerry Gaetz, believes that the standard will form ‘an integral part’ of the modernisation. Changing user needs, he adds, along with new technology, has piled too much pres- sure on Canada’s legacy systems.
Singapore – Association of Banks in Singapore
Singapore’s Fast and Secure Transfers (FAST) platform was launched in early 2014. It is also based on ISO 20022, and supports bill payments, person-to-per- son (P2P) and business-to-business (B2B) payments, merchant transactions and mobile payments. UK-based vendor Vocalink worked
with local integration partner, BCS Infor- mation Systems (BCSIS), to carry out the project. Kris Kubiena, international sales director at Vocalink, suggested to IBS that the new platform included an interoperable real-time infrastructure with the wider Asian region in mind.
Australia – Australian Payments Clearing Association
The Australian Payments Clearing Asso- ciation’s (APCA) plan to introduce a new real-time payments infrastructure – New Payments Platform (NPP) – reached the definitive contract-signing phase in Decem- ber 2014. Swift and Fiserv were announced as the preferred partners for the initiative, having fended off the rival consortium of Vocalink, Accenture and First Data. At that point, twelve financial insti-
tutions were on board (five were yet to sign up, including Paypal and Suncorp). The project is to be delivered by the end
of 2017, one year later than initially hoped. The contract is for twelve years and is esti- mated to be worth AU$1 billion ($720 million). A dedicated steering company, NPP
Ltd, was formed to fund and manage the programme. It is reliant upon the banks granting investment and giving their full support to the initiative.
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© IBS Intelligence 2015
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analysis: swift standards
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