Keeping up with MyStandards
MyStandards is helping more than 40,000 users manage standards definitions and industry practice more efficiently. And as we move towards the transition of cross-border transactions to the ISO 20022 messaging standard, MyStandards will be playing a key support role.
Preparing for ISO 20022 migration: working with industry experts
ISO 20022 is set to become the de facto messaging standard for the payments industry. SWIFT will start migrating all cross-border and many-to-many payments in November 2021. This is in line with ISO 20022 adoption by the Eurozone’s high-value payment systems.
A four-year transition period will allow our community to adapt smoothly. The migration covers MT categories 1, 2 and 9 and will affect all users of these messages, including securities players.
Read more on ISO 20022 migration
Continued community engagement
The migration to ISO 20022 is a community-driven initiative, and industry-wide engagement is key to its success. That’s why we have partnered with the Payments Market Practice Group (PMPG) to create the Cross-Border Payments and Reporting Plus (CBPR+) working group to develop global guidelines.
The working group has agreed on a governance process for defining ISO 20022 guidelines and is developing guidelines for many-to-many credit transfer messages. Reporting requirements will be discussed in June 2019.
The benefits of the common rulebook within SWIFT gpi show how successful this approach is, and the work that the CBPR+ group is doing to create a common implementation of ISO 20022 continues the transformation of cross-border payments.
MyStandards User Group Americas (New York 11-12 June 2019)
- Open User Group (11 June): New and upcoming products and views from industry experts on how MyStandards and SWIFT Translator can help resolve issues related to standards and formats.
- Closed User Group (12 June): Product roadmap and priorities for the future.
MyStandards portfolio: What’s new?
Online Usage Guideline Editor (UGE): Formal rules are now available, including online validation and flexible editing options. This offers a more streamlined user experience.
Samples management redesign: Update based on user feedback, and part of the Readiness Portal interface redesign. Sample messages are now attached to a Usage Guideline, rather than a portal, making it easier to manage.
For Readiness Portal users, samples will be validated at upload, as well as when a new version of the Usage Guideline becomes available. Your customer can access sample messages from the Usage Guideline and Readiness Portal dashboard.
Standards Release 2019: The Standards Release (SR) delivers annual changes and updates that impact SWIFT users worldwide. Identifying and understanding the changes that affect your business can be time consuming. MyStandards helps you streamline this analysis, communicate the relevant changes across your organisation and provide early testing to your customers.
On 22 February 2019, an update of the SR 2019 and related base libraries were published on MyStandards. The final version will be published on 19 July 2019 – but any changes should be minor. Network Validation Rules have also been added to the Readiness Portal.
Read the release highlights
Find out how Citi is using MyStandards to simplify standards management, client onboarding and testing processes.
Providing a seamless user experience is our priority. Our latest enhancements include:
- Faster access to Impact Analyses
- New header with a list of usage guidelines now included on Usage Guidelines comparison page
- Improved search function in Usage Guideline trees
- XML path available for ISO 20022 Usage Guidelines
- Quick access to usage guidelines and easy to export documents
- Home button in readiness portals
Non-SWIFT formats validated on MyStandards readiness portal: Non-SWIFT formats can now be defined and uploaded in MyStandards and this update provides online validation capabilities. This will allow market infrastructures and banks to offer their counterparties the possibility to validate proprietary or non-SWIFT industry formats, as is the case today for MT and ISO 20022 MX messages.
Readiness portal migration: the new MyStandards Readiness Portal interface is faster and more responsive making it easier to validate message specifications. On 20 July 2019, we will migrate all portals to the new version, including test history (guaranteeing no data loss).
Online Usage Guideline Editor releases
The online UGE remains a key priority and work will continue into 2020 to make this the main tool for editing usage guidelines.
Making speed count for Citi’s custody clients
- Case Studies