NO CORPORATES in SWIFT’S High Value Payments ISO 20022 market practice task force
by Kylene Casanova
SWIFT, along with the major global banks and market infrastructures, has formed HVPS+ - an ISO 20022 market practice task force that will address evolving market needs in the high value payments systems space. The taskforce started work in June 2016.
Following the launch of the ISO 20022 Harmonisation Charter, an industry-driven framework to facilitate the rollout of ISO 20022 globally, SWIFT has formed a global market practice task force of markets infrastructures and banks. Sponsored by SWIFT’s Payments Market Practices Group the new group, which goes beyond current market practice, will deliver an additional set of ISO 20022 guidelines for high value payments systems to include more structured, accurate and richer end-to-end data.
Apparently, the taskforce expects to publish a first set of additional market practice guidelines in MyStandards in Q4 2016/Q1 2017.
CTMfile take: How can a taskforce: “address evolving market needs in the high value payments systems space” without having corporate members be effective? Surely corporate treasurers and the associations need to be represented……….
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The approach here is to create a standard within a standard for banks. This project is concentrating on the core clearing and settlement processes to align the various communities who will otherwise take various paths and interpret the base standard within their own context. Other projects such as Common Global Implementation project sponsored by SWIFT look at the Corporate space. There will be alignment between banks and corporates. Its just a matter of where you start on the journey.