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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
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
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
Sharing our way forward
Compliance
4
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
Corporates
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
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
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
Identity & Mandate
Management
3SKey for Authentication
10
11
Identity & Mandate Management
Challenges - Multiple portals, several tokens
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
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
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
Global market practices
Local market practices
Bilateral guidelines
Internal specifications
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
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 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
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
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 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
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
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
Registered corporates 258
Connected to SWIFT 56%
Countries 28
SWIFTRef Adoption - Corporates
258 Corporates adopted SWIFTRef in 2013
23
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%,
165,789
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
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 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
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
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
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
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
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 American Regional Conference (LARC) - 2014 28-29 May 2014
37
Multi Asset Matching
37
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
Presentations from LARC
http://www.slideshare.net/swiftcommunity
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 39
Q&A
?
SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 40
41

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Larc2014 - Road to 2015

  • 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. 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. 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 Sharing our way forward Compliance 4
  • 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
  • 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. 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. 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 Identity & Mandate Management 3SKey for Authentication 10
  • 11. 11 Identity & Mandate Management Challenges - Multiple portals, several tokens SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  • 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
  • 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
  • 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. 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
  • 19. 19 Accurate and up to date information Reference Data 19
  • 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. 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. 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. Registered corporates 258 Connected to SWIFT 56% Countries 28 SWIFTRef Adoption - Corporates 258 Corporates adopted SWIFTRef in 2013 23
  • 24. 24 It all starts with data Business Intelligence 24
  • 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. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 26
  • 27. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 27
  • 28. SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 28
  • 29. 29 From CICI to GMEI LEI 29
  • 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. 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. 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. 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. 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. 35SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014
  • 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. Presentations from LARC http://www.slideshare.net/swiftcommunity SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 39
  • 40. Q&A ? SWIFT Latin American Regional Conference (LARC) - 2014 28-29 May 2014 40
  • 41. 41