SWIFT Rulebook for ISO 20022 Corporate-to-Bank Standards

by Erin McCune on June 16, 2008

in B2B, Global Payments, Technology

The SWIFT Rulebook for ISO 20022 Corporate to Bank standards has been available since mid-May and is published here. The Rulebook is step 3 of a four step process to facilitate standards implementation in order to support banks and corporates attempts to automate payment initiation and tracking.

Step 1: Common Development (details here)

Step 2: Common Interpretation (details here)

Step 3: Common Implementation

A standard only becomes a  standard when it is implemented and used.

In order to help the industry achieve standardised adoption, SWIFT launched its Early Adopters Programme for ISO 20022 Payment Initiation, bringing corporates, banks, application providers and consultants together to share implementation experiences. Their cooperation resulted in a SWIFT for Corporates – ISO 20022 Rulebook for Payment Initiation (Customer Credit Transfer Initiation and Payment Status Report),  which will/should be the foundation for any party implementing these standards  in a global environment.

This rulebook contains a set of best practices and recommendations focusing on technical, operational and business rules and guidelines, which are valid for any payment type. Links to community defined ‘implementation profiles’ for specific payment types, such as the harmonized set of implementation guidelines for SEPA which are currently under development by EPC, will be provided as soon as these profiles are available.

In order to foster standardised usage on SWIFT, parties using the standards on FileAct should adhere to the rules and guidelines described in the Rulebook (as of 15 November 2008). SWIFT is also working closely together with third-party application vendors to ensure Rulebook implementation. Adherence to the Payment Initiation Rulebook is one of the 2008 Partner Labelling Criteria for Cash Management in the customer-to-bank space. By summer, SWIFT will deliver a set of SMART test messages, reflecting the rules and guidelines of the Rulebook, geared at facilitating implementation and testing by all stakeholders.

Step 4: Common Usage (details here)

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