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Transcript of Sofe amsterdam swift_ref
SWIFTRef Update SWIFT Operations Forum - EMEA
Karel Spiritus
27-29 November 2013
Amsterdam
Agenda
SWIFTRef (in 3 slides)
Compliance
(SEPA, LEI,
MiFID)
What’s new
2013? Focus 2014 (incl 3 POC views)
SWIFTRef
(in 3 slides)
Board_SEP2012_NMG_Briefing_Material_V4 4
Managing 140 million pieces of data
Where is our reference data used ?
• Payments and treasury transactions – Automated (integration capabilities !) and manual processing;
– Investigations
– Standing settlement instructions
• Compliance and Regulatory Reporting – SEPA, MiFID, LEI, …
• Correspondent due diligence / KYC – Cross-referencing of identifiers
– Financial information
– Hierarchies and ownership
Data collection and distribution
6
SWIFTRef
utility
• SSI
• SEPA
• IBAN
Bank financials &
ratings, country
economics
• IBAN format
(ISO13616)
• BIC (ISO9362) Direct updates as ISO registrar
Data updates via online tool
Updates via FTP to SWIFTRef
Reuters, D&B,
Fitch
Economist, …
• National codes
• EBA, T2
Central banks &
banking associations Bespoke updates (files, web, …)
Financial Institutions
File download or
download automation
(monthly or daily
updates)
internet
internet
manual query tools
(daily updates)
SOURCES
SWIFTNet
FileAct
File delivery
(monthly or daily
updates)
internet
web services
(daily updates)
Data consumption by
banks and corporates
Local Operating
Units
LEI
Compliance
SEPA, LEI,
MiFID
Challenges
Products Quality
IBAN Only
Pre-SEPA SEPA IBAN Only
bank code + account nb.
account nb. + bank code or BIC
IBAN + BIC
IBAN + BIC
IBAN
IBAN + BIC
Challenge: Generate the IBAN
and BIC correctly!
Challenge: Validate
the IBAN, Generate the BIC
correctly!
❶ ❷ ❸
Corporates
Financial Institutions
8
IBAN PLUS / SEPA PLUS
SEPA
EU 260/2012 – Derive BIC from IBAN
Germany (EUR)
France (EUR)
…… (EUR)
UK (GBP)
Denmark (DK)
…… (…..)
Timelines
(1) Domestic EUR payments by Feb 2014
(2) Intra-EURO countries EUR payments by Feb 2016
(3) Non-EURO to EURO country EUR payments by Oct 2016
(1)
(2)
(3)
Quality – Finding the needles …
SWIFT data
team
Bank IDs, BIC
data sources
and special
cases
Central
Authorities
IBAN Plus
Financial
Institutions
IBAN data
maintenance
screens
IBAN Plus
Users
live payments feed-back
- missing Bank IDs
- incorrect BICs
- bulk IBAN lists
IBAN/BICs
from
payments
(differences)
SWIFT
Network
MT103+
1 2
4 3 Exclusion
List
CC Bank ID BIC TOT Top
AD 00010000 COBADEFFXXX 1 n/a
AD 00010000 CRDAADADXXX 1 n/a
AD 00010000 CRESCHZZ80A 1 n/a
AD 00010000 DEUTDEFFXXX 3 n/a
AD 00010000 UBSWCHZH80A 8 n/a
AD 00010000 BACAADADXXX 1697 Top
AD 00020097 CRDAADADXXX 4 Top
AD 00020315 CRDAADADXXX 1 Top
AD 00020672 CRDAADADXXX 2 Top
AD 00030001 CRDAADADXXX 126 Top
AD 00030002 CRDAADADXXX 133 Top
AD 00030003 CRDAADADXXX 54 Top
AD 00030004 CRDAADADXXX 56 Top
AD 00030005 DEUTDEFFXXX 1 n/a
AD 00030005 CRDAADADXXX 77 Top
• 3.8% missing bank
IDs to be added to
IBAN Plus
• 2% need to be
investigated (BIC of
different bank)
IBAN/BICs
from
payments
(15 Mio payments Sept)
(
67,000 live SEPA payments
More than 27% inconsistent BIC branch codes
5,6 % inconsistent BIC4s
Invalid BIC in payments:
Invalid IBANs in payments - examples
218,000 IBANs 1.3 % invalid IBANs
* As far as SWIFTRef could detect
live payments feed-back
IBAN Plus users
0.5 % invalid country
code, length, character
0.8 % invalid Bank ID*
Sources of SEPA Routing file
Adherence
SEPA Routing
ReachableFIs CSMs
EPC
Reachability Adherence And
Reachability
• Overlap of data sources contributes to higher quality: inconsistent data is being investigated and fixed
EBAS STET CECB DBSC SCTI ….
SEPA Routing file - Content
SEPA ROUTING file
REACHABLE BIC
INSTITUTION NAME SCHEME ADHERENCE
BIC CSM PREF
INTERMEDIARY BIC
DEUTATWWXXX DEUTSCHE BANK AKTIENGESELLSCHAFT SCT DEUTDEFFXXX EBAS P DEUTDEFFXXX
WUBUAT21XXX BAUSPARKASSE WUESTENROT AG SCT WUBUAT21XXX EBAS BKAUATWWXXX
GENODEM1SCN VOLKSBANK SUEDKIRCHEN EG SDD B2B GENODEM1SCN DBSC P GENODEDDXXX
GENODEM1SCN VOLKSBANK SUEDKIRCHEN EG SDD B2B GENODEM1SCN EBAS MARKDEFFXXX
CRBZIT2B018 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX SCTI P CIPBITMMXXX
CRBZIT2B018 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX EBAS CIPBITMMXXX
CRBZIT2B019 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX SCTI P CIPBITMMXXX
CRBZIT2B019 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX EBAS CIPBITMMXXX
CRBZIT2B020 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX SCTI P CIPBITMMXXX
CRBZIT2B020 CASSA DI RISPARMIO DI BOLZANO S.P.A. SCT CRBZIT2BXXX EBAS CIPBITMMXXX
LEI challenge
15 legal entities
190 cities
42 clearing codes
2 BIC codes
City National Bank …
Central
Operating
Unit (COU)
Board of
Directors
Regulatory
Oversight
Committee
Governance
Operations
CFTC
EMIR
Derivatives
Effective since April 2013
Implementation Feb 2014
30.000 BIC11 & 4.300 BIC8 matched
LEI Ultimate parent:
BIC11
LEGAL TYPE BIC ISO LEI CODE LEI ULTIMATE PARENT LOU LEI LEGAL NAME LEI CITY LEI COUNTRY LEI LEGAL FORM LEI
CITTGB2LXXX L 31OGKFG0Y1795OV0AK56 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank International PLC London UNITED KINGDOM PUBLIC LIMITED COMPANY
CITIBRBRXXX L 1P0UUG7LC1S92QTNHG39 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Banco Citibank SA Sao Paulo BRAZIL SOCIEDADE ANONIMA
CITICNSXXXX L IMRQEARW2X0ZMJAJ5J58 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank (China) Co Limited Shanghai CHINA COMPANY LIMITED
CBSWCHZZXXX L 4BVL95XIH9NNZF0YN485 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank (Switzerland) AG Zurich SWITZERLAND AKTIENGESELLSCHAFT
CITIES2XXXX L HHY6OGOQAUUT1FUCOL70 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank Espana SA Alcobendas SPAIN SOCIEDAD ANONIMA
CITIIE2XXXX L N1FBEDJ5J41VKZLO2475 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank Europe PLC Dublin IRELAND PUBLIC LIMITED COMPANY
CITIKRSXXXX L 745P3MMS7E8CUVXDRJ82 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank Korea Inc Jung-gu KOREA, REPUBLIC OF OTHER
CITITRIXXXX L CWZ8NZDH5SKY12Q4US31 6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citibank A.S. Istanbul TURKEY ANONIM SIRKET
6SHGI4ZSSLCXXQSBB395 SWIFT/DTCC Citigroup Inc. Wilmington UNITED STATES INCORPORATED
Branch BIC (linked to another BIC) included:
BIC11 LEGAL TYPE BIC ISO LEI CODE MASTER BIC LEI MASTER BIC
LEI ULTIMATE PARENT NAME BIC CITY BIC LOU LEI LEGAL NAME LEI LEGAL FORM LEI
AARBDE5WXXX L EZKODONU5TYHW4PP1R34 AAREAL BANK AG WIESBADEN SWIFT/DTCC Aareal Bank AG AKTIENGESELLSCHAFT
AARBDE5W100 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG BERLIN
AARBDE5W108 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG WIESBADEN
AARBDE5W200 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG HAMBURG
AARBDE5W250 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG HANNOVER
AARBDE5W360 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG ESSEN
AARBDE5W500 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG FRANKFURT AM MAIN
AARBDE5W550 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG MAINZ
AARBDE5W600 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG STUTTGART
AARBDE5W700 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG MUENCHEN
AARBDE5W860 B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG LEIPZIG
AARBDE5WDOM B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG WIESBADEN
AARBDE5WCLE B AARBDE5WXXX EZKODONU5TYHW4PP1R34 AAREAL BANK AG WIESBADEN
BIC11
LEGAL TYPE BIC ISO LEI CODE MASTER BIC LEI MASTER BIC LEI ULTIMATE PARENT NAME BIC
COUNTRY CODE BIC BDP RECORD KEY LEGAL NAME LEI
SBUKGB21XXX L GV2G1WXZ3SZ1PPSLTS96 6SHGI4ZSSLCXXQSBB395
CITIGROUP GLOBAL MARKETS U.K. EQUITY LIMITED GB BD0000001S8M
Citigroup Global Markets U.K. Equity Limited
CITTGB2LXXX L 31OGKFG0Y1795OV0AK56 6SHGI4ZSSLCXXQSBB395 CITIBANK INTERNATIONAL PLC GB BD0000000M7I Citibank International PLC
SBILGB2LXXX L XKZZ2JZF41MRHTR1V493 6SHGI4ZSSLCXXQSBB395
CITIGROUP GLOBAL MARKETS LIMITED GB BD0000001REZ
Citigroup Global Markets Limited
CITTGB2LCMU B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PLC GB BD0000000M7F
CITTGB2LELA B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PLC GB BD0000000M7G
CITTGB2LPBG B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PLC GB BD0000000M7H
CITIGB2LIPP B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PERSONAL BANK (PLC) LONDON GB BD000000DVKJ
CITIGB2LJER B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PERSONAL BANK JERSEY GB BD000000DVKK
CITIGB2LLON B CITTGB2LXXX 31OGKFG0Y1795OV0AK56 CITIBANK INTERNATIONAL PERSONAL BANK LONDON GB BD000000DVKL
SBILGB2LIPB B SBILGB2LXXX XKZZ2JZF41MRHTR1V493 CITIGROUP GLOBAL MARKETS LIMITED GB BD0000001REX
SBILGB2LIWA B SBILGB2LXXX XKZZ2JZF41MRHTR1V493 CITIGROUP GLOBAL MARKETS LIMITED GB BD0000001REY
SBILGB2LMLV B SBILGB2LXXX XKZZ2JZF41MRHTR1V493 CITIGROUP GLOBAL MARKETS LIMITED GB BD000000EX3P
CITIGB22XXX B CITIUS33XXX E57ODZWZ7FF32TWEFA76 CITIBANK N.A (GTS) GB BD0000000M0V
CITIGB2LXXX B CITIUS33XXX E57ODZWZ7FF32TWEFA76 CITIBANK N.A. GB BD0000000M19
CITIUS33XXX L E57ODZWZ7FF32TWEFA76 CITIBANK N.A. US BD000000A2SU Citibank, National Association
6SHGI4ZSSLCXXQSBB395 Citigroup Inc.
MiFID
Challenges
− Address MiFID regulation in the UK (FSA reporting) and other
countries
SWIFTRef Product
− BIC Archive available since October 2012
− Content: BIC HISTORY
Current status and details of each BIC
full name, address, (de)activation date, connection status
BIC changes due to merger/acquisition.
All newly added and deleted BICs with dates
BIC Archive
What’s new 2013?
• Consulting services for business integration
• Service directory in Bank Directory Plus
• Bank Directory for SAP
• Newsletter
More sophistication introduced during 2013
SEPA data quality
• Close cooperation with IBAN countries
• Extraction from FIN traffic
• Work closely with customers
• Exclusion list
• Account number to IBAN conversion
Data delivery options
• TXT or XML format
• Download automation and FileAct
• Daily updates for all files
What’s
new
2013?
National Codes & SSI
• Local Language file & New national codes
• Increased focus on SSI collection in emerging
countries
Automated File Download The solution for mid-to-low banks and corporates
3. SWIFTRef
validates (eg
subscription
valid)
4. Web service returns
validated response
1. GetBankFile
Database
SRD.COM Internet / Network
2. Make API
call
5. Application
pulls BIC
directory
24
• New: Get files through Internet via API calls
SWIFTRef over FileAct The solution for Alliance users
FileAct
Store & Forward
SnF Queue
Scheduled
Monthly
Distribution
Optional
Daily
25
• Secure channel to receive SWIFTRef files directly into core banking systems
• Popular with large banks
• Increasingly being used by Corporates as well
• Support daily and monthly distributions
Web Service APIs The solution for Banks, Partners and Corporates
26
SWIFTRef
Real Time
Reduce TCO
Innovation
Cloud
Decentralise
In-Sync • Live with new
functionnal API calls
• Enhancements for Q1
2014
Focus 2014
2014 Focus
• Product delivery:
– New release Bankers World Online
– Webservices
– SWIFTRef enquiry tool
• Data quality focus:
– Increase data-quality (addresses SSI, BIC to LEI matching …)
– Perfect matching IBAN Plus
– New national codes, frequency updates
– Integrate SWIFTNet services data
– FATCA data (Foreign Account Tax Compliance Act)
– Data collection & investigation for customers
– ….
28
Reuters
Financials, credit ratings, shareholding…
Smartstream
New holidays data related to Stock Exchanges
D&B
Credit ratings, financials..
Usability review
Other Changes
Update your data
Add SSI Hierarchy
Searches within SSI or hierarchy
Improve integration Economist data
Knowledge base
Improve help function
New data
Integrate new files
BICtoLEI
Service directory
Local Language file
Proof Of Concept (POC): New Bankers World Online
30
31
Institution/BIC
details Payments data
Legal entity data
&
Compliance
33
34
35
Update your data Request investigation
39
POC: I-pad
40
POC: I-pad
POC: New Enquiry tool
42
Thank you