CFT has joined Rosswift work group on ISO 20022 localization standard
Center of Financial Technologies has joined Rosswift Russian CMPG Working Group. The Group was organized and is operating under the Russian National SWIFT Association (ROSSWIFT) uniting more than 600 SWIFT users in RF.
According to the Regulation on the Working Group, its key aim is to provide conditions for implementation of mainstream technology, standards and format of information exchange in RF corporate financial market upon partner cooperation (banks, corporations, revenue bodies, etc.). Key tasks of the Working Group include analysis and development of communication standards for banks and corporate clients in accordance with ISO 20022 Standard.
Working Group unites representatives of the Bank of Russia, largest Russian credit institutions (including leading banks with foreign ownership), corporations, SWIFT, developers of banks’ automated systems and corporate treasury. Experts discuss key measures taken to develop a national standard of non-cash settlements based on e-messages created under ISO 20022 international standard, and schedule consultations with governmental authorities, participants of financial markets and their associations.
ISO 20022 Standard has been traditionally regarded as a financial Esperanto, a universal language for cooperation of various automated systems used by financial and trade market participants. The fundamental difference between ISO 20022 and previous communication standards and formats used for e-settlements, lies in a unique concept for creating technologically neutral schemes and formats for e-message exchange providing high level of operational consistency between automated systems processing various messages created under ISO 20022 standard.
Participation of CFT specialists in the work of the Group will ultimately help to support new message exchange format used by banks under CFT-Bank distributive solution and CFT-Corporation solution created for corporate customers.