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Slide 1 TARGET2_generic_v8.ppt Name of speaker Title Institution Event name, location and date SWIFTNet for the Single Shared Platform.

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Presentation on theme: "Slide 1 TARGET2_generic_v8.ppt Name of speaker Title Institution Event name, location and date SWIFTNet for the Single Shared Platform."— Presentation transcript:

1 Slide 1 TARGET2_generic_v8.ppt Name of speaker Title Institution Event name, location and date SWIFTNet for the Single Shared Platform

2 Slide 2 Agenda Introduction A comprehensive set of services for TARGET2 SWIFT connectivity for TARGET2 Conclusion TARGET2 Preparation phase

3 Slide 3 Trans-European Automated Real-time Gross Settlement Express Transfer A system of systems (1 Jan 1999)

4 Slide 4 Typical Cross-Border Payment flow Payment request Payment confirmation Bank 1 Bank 2 Central Bank 1 Central Bank 2 Interlinking RTGS 1 Domestic RTGS 2 Domestic

5 Slide 5 TARGET2 - Single Shared Platform Interlinking via FIN Bank A Bank B Swift Net Services NCBs Ancillary Systems

6 Slide 6 Agenda Introduction A comprehensive set of services for TARGET2 SWIFT connectivity for TARGET2 Conclusion TARGET2 Preparation phase

7 Slide 7 Bank A Bank B payment message SWIFTNet FIN Copy Central SWIFT interface Payment processing Bank ABank B SWIFTNet services FIN/FIN Copy FIN/FIN Copy settlementrequest authorisation/refusal SWIFTNet Payment module (PM) Information & control module (ICM) module (ICM) Internal payment system SWIFT interface SWIFTNet InterAct Real-time cash management SWIFTNet FileAct Real-time reporting Real-time reporting SWIFTNet infrastructure for SSP SWIFTNet FIN SWIFTNet Browse On-line visualisation of information

8 Slide 8 Bank ABank B Optional messages Interbank transfers - between HAM accounts SWIFTNet FIN SWIFT interface Internal payment system Payment processing Participant interface SWIFT interface Internal payment system HAM 1 MT202 “simplified” 3 4 MT900 to sender MT910 to receiver 2 Booking 4

9 Slide 9 Payment processing in the SSP  Credit transfers and direct debits –MT103, MT103+, MT202 are mandatory –MT204 is optional  Settlement process –FIN Copy MT096 and MT097 (full copy) –MT012 sender notification (optional- by participant individually) –MT019 Abort notification  Statement of RTGS accounts (optional) –MT940 customer statement message –MT950 statement message –For end-of-day reporting on all transactions settled on the RTGS account  Update of credit lines (optional) –MT900 confirmation of debit –MT910 confirmation of credit

10 Slide 10 Bank B 1 Payment Instruction 3 Settlement response 4 Final Payment Instruction received 5 Sender / receiver notification and reporting (Optional) 2 Settlement request Settlement Application SWIFT Interface SWIFTNet FIN Payment order Y - Copy Bank A 5 SWIFTNet FIN Y-Copy

11 Slide 11 SWIFTNet FIN Y - Copy Bank A Bank B Payment order (MT103, 103+, 202,204*) Temporary queue - Settlement request awaiting response from central institution Use of FIN Copy for RTGS Payment Order * MT204 is optional

12 Slide 12 Payment order Bank A Bank B Settlement Request (MT096) Use of FIN Copy for RTGS Settlement Request Y - Copy SWIFT Net FIN

13 Slide 13 Payment order Y - Copy Bank A Bank B Settlement Request (MT 096) Approved / Settled Payment order FIN Copy for RTGS Authorisation Authorisation (MT 097) SWIFTNet FIN Sender notification (MT 012)* * Sender notification is optional per participant

14 Slide 14 Payment order Bank A Bank B Settlement Request (MT 096) Rejection (MT 097) Abort Notification (MT 019) FIN Copy Rejection Y - Copy SWIFT Net FIN

15 Slide 15 Standard FIN Copy Security using MAC/PAC SWIFT Y- Copy MAC: A to B PAC: A to Central Institution PAC: Central Institution to B

16 Slide 16 SWIFTNet Phase 2 and TARGET2 Design/build/test Pilots Migra tion Infrastructure upgrade RMA usage Development phase User testing

17 Slide 17 TARGET2 – SWIFTNet Phase 2 Objectives  To decouple SWIFTNet Phase 2 project planning from TARGET2 project planning  Avoid massive BKE between all TARGET2 participants  Allow all involved parties (end user and CI) to migrate independently

18 Slide 18 Consequences for TARGET2 participants  Requirement: remove obligation for BKE exchange with all T2 correspondents  Solution: Pre-agreed MAC mechanism –will be provided as FIN CBT upgrade to minimize necessary adjustments –Description in UDFS version 1.1 –Specification by SWIFT sent to CBT providers –Provision by CBT providers in 1Q2006 –T2 participant is responsible for implementation before start of testing phase –Still allow BKE if exists or required by auditors For TARGET2 participants TARGET2 migration is independent from SWIFTNet Phase 2 migration and vice versa !

19 Slide 19 PKI/BKE MAC bypass in TARGET2 SWIFT Y- Copy MAC: A to B PAC1: A to Central Institution PAC2: Central Institution to B A B Central Institution (SSP) Key exists ? no Pre-agreed MAC yes

20 Slide 20 JFMAMJJASONDJFM Testing NCBs TARGET2 WAVE1 TARGET2 WAVE2 TARGET2 WAVE3 Phase 2 deadlines for Wave1 cust Phase 2 deadlines for Wave2 customers Phase 2 deadlines for Wave3 customers Pilot testing to allow early start with Phase 2 for Wave1 customers and NCBs Infrastructure Upgrade Contingency Standards2007 Phase 2 overlap with TARGET2 and Standards 2007

21 Slide 21 SR2007 Testing SR2007 JFMAMJJASONDJFM CBs compliance checks Pilot testing to allow early start with Phase 2 for CW1 customers and NCBs TARGET2 Live date TARGET2 Start of user testing Infrastructure Upgrade Contingency TARGET2 CW2 TARGET2 CW3TARGET2 CW1 GRGB PT FI NL PL DK EE IT BE IE AT CY LV LT MT DE LU SI FR ES Recommended Phase 2 Migration for T&T (at least) Recommended Phase 2 Migration for T&T (at least) Recommended Phase 2 Migration for T&T (at least)

22 Slide 22 Bank A Bank B payment message SWIFTNet FIN Copy Central SWIFT interface Payment processing Bank ABank B SWIFTNet services FIN/FIN Copy FIN/FIN Copy settlementrequest authorisation/refusal SWIFTNet Payment module (PM) Information & control module (ICM) module (ICM) Internal payment system SWIFT interface SWIFTNet InterAct Real-time cash management SWIFTNet FileAct Real-time reporting Real-time reporting SWIFTNet infrastructure for SSP SWIFTNet FIN SWIFTNet Browse On-line visualisation of information

23 Slide 23 Three complementary core SWIFTNet messaging services SWIFTNet InterAct SWIFTNet FileAct SWIFTNet messaging Messaging File transfer Secure, reliable, and STP-oriented. Appropriate for exchange of individual structured financial messages and short reports. Secure, reliable, and flexible. Appropriate for exchange of batches of structured financial messages and large reports Browsing Secure browsing with standard internet technologies. Appropriate for data exchange in thin-client browser-based financial solutions. To be used with SWIFTNet InterAct and FileAct. SWIFTNet Browse

24 Slide 24 SWIFTNet Browse overview Service user Workstation (running SWIFTAlliance WebStation and a standard Browser) Web Server and SWIFTNet Link* Service provider SWIFTNet Browse enables secure browser-based access (over SIPN) from an operator using a standard browser and SWIFTAlliance WebStation to a service provider’s web server SWIFTNet * Typically used in conjunction with SWIFTAlliance Gateway

25 Slide 25 SWIFTNet Browse overview SWIFTNet Browse transparently combines two communication mechanisms Service user Workstation Web Server +SNL Service provider SWIFTNet Browse allows to initiate InterAct or FileAct exchanges via a secure browser link. By doing so sensitive data can be exchanged with all the security and reliability inherent to the SWIFTNet platform, while preserving the benefits of a browser-based environment. SWIFTNet HTTP-S InterAct/FileAct HTTP-S channel only authenticates the system of the end user Using non-managed Web certificates InterAct / FileAct channel authenticates the end user Using managed SWIFTNet PKI certificates

26 Slide 26 Key characteristics of SWIFTNet Browse (when used with SWIFTNet InterAct/FileAct) Highly secure & reliable Integration with SWIFTNet InterAct / FileAct for security sensitive data HTTP-S exchanges secured with web-certificates for non-sensitive / un-structured exchanges Closed User Group control SIPN Standard technologies Client uses standard browser to navigate HTTP-S for screens and InterAct for transactions or FileAct for file transfers Re-utilisation of existing SWIFTNet infrastructure Single Window Thin client Service provider does not install software at client side

27 Slide 27 Three complementary core SWIFTNet messaging services SWIFTNet InterAct SWIFTNet FileAct SWIFTNet messaging Messaging File transfer Secure, reliable, and STP-oriented. Appropriate for exchange of individual structured financial messages and short reports. Secure, reliable, and flexible. Appropriate for exchange of batches of structured financial messages and large reports. Browsing Secure browsing with standard internet technologies. Appropriate for data exchange in thin-client browser-based financial solutions. To be used with SWIFTNet InterAct and FileAct. SWIFTNet Browse

28 Slide 28 Real-time query & response SWIFTNet InterAct is used in Real-time mode query & response  SWIFTNet InterAct Q& R: real-time exchange of information  XML messages for SWIFTNet InterAct: Cash Management Standards  Access to the SSP (mandatory and optional modules) through SWIFTNet InterAct: –Payments queue management –Liquidity management –Management of reservation and limits –etc… Used either in the context of person-to-application solutions (with SAB) or application-to-application (with SAG)

29 Slide 29 Key characteristics of SWIFTNet InterAct Highly secure Secured with SWIFTNet PKI (managed certificates) Encryption, authentication and integrity control Non-repudiation Closed user group control SIPN Highly reliable Highly available operations Store-and-forward (not planned in T2) Delivery notification (not planned in T2) Message validation (not planned in T2) XML-based STP oriented Short messages (max 100 K; recommended < 20 K for RT) Higher priority vs. SWIFTNet FileAct Flexible central routing Real-time messaging requires 64K lines minimum Other

30 Slide 30 The SWIFT XML Cash Management standards Advice Statement GetAccount&ReturnAccount GetTransaction&ReturnTransaction ModifyTransaction CancelTransaction GetLimit&Return Limit ModifyLimit DeleteLimit GetReservation& ReturnReservation ModifyReservation DeleteReservation GetMember&ReturnMember ModifyMember GetBusinessDayInformation&ReturnBusinessDayInformation GetCurrencyExchangeRate&ReturnCurrencyExchangeRate GetGeneralBusinessInformation&ReturnGeneralBusinessInformation LiquidityCreditTransfer LiquidityDebitTransfer BackUpPayment ModifyStandingOrder Receipt 21 messages 21 messages

31 Slide 31 Three complementary core SWIFTNet messaging services SWIFTNet InterAct SWIFTNet FileAct SWIFTNet messaging Messaging File transfer Secure, reliable, and STP-oriented. Appropriate for exchange of individual structured financial messages and short reports. Secure, reliable, and flexible. Appropriate for exchange of batches of structured financial messages and large reports Browsing Secure browsing with standard internet technologies. Appropriate for data exchange in thin-client browser-based financial solutions. To be used with SWIFTNet InterAct and FileAct. SWIFTNet Browse

32 Slide 32 Real-time file download SWIFTNet FileAct is used in real-time and store-and-forward mode Typically used to reach a large number of counterparties Store-and- forward file transfer Typically used in the context of person-to- application solutions (with SWIFTNet Browse)  Access to the SSP via ICM through SWIFTNet FileAct: –Reporting –Directory distribution  Used in store & forward mode by Target2 as sender of files (TARGET2 Directory updates)  Used by TARGET2 participants to pull files ( TARGET2 directory)

33 Slide 33 Key characteristics of SWIFTNet FileAct Any file content (structure and character set) Files size up to 250 Mb Flexible Highly secure Secured with SWIFTNet PKI (managed certificates) Encryption, authentication and integrity control Non-repudiation Closed user group control SIPN Highly reliable Highly available operations Store-and-forward Delivery notification Highly reliable file transfer protocol Lower priority vs. SWIFTNet InterAct / SWIFTNet FIN Flexible central routing Real-time file transfer requires 64K lines minimum Other

34 Slide 34 Agenda Introduction A comprehensive set of services for TARGET2 SWIFT connectivity for TARGET2 Conclusion TARGET2 Preparation phase

35 Slide 35 Two different technical modes for using Information and Control module (ICM)  Application-to-application mode –Information and messages will be transferred between the SSP and the individual participants’ internal application. –Therefore the participant must: – Develop its own application – Adapt an existing application or – Purchase an appropriate solution  User-to-application mode –The objective is to permit direct communication between a participant’s users and ICM. –The information is displayed in a browser running on a PC system (SWIFTAlliance Webstation) –Participants do not need to develop a special application. Application-to-applicationUser-to-application SWIFTNet InterAct SWIFTNet FileAct SWIFTNet InterAct SWIFTNet Browse (SWIFTNet FileAct)

36 Slide 36 Possible interface for accessing TARGET2 User-to- Application Application-to- Application Any user * SAA/E users - SWIFTAlliance WebStation - SWIFTAlliance Gateway WebStation concentration SWIFTAlliance Gateway Single Window SWIFTAlliance Starter Set ICM access mode ICM user profile * Assumption: user is already SWIFTNet FIN user

37 Slide 37 SWIFTAlliance Starter Set Enabling the single window SWIFTAlliance Entry or Access FileActInterActBrowse SWIFT Alliance Starter Set: opens the entire single window for you Customer solutions SWIFTNet FIN Market infrastructures Business solutions SWIFTNet FIN  SWIFTNet Link  FileAct Business solutions  Browse Customer solutions  InterAct * Market infrastructures  SWIFTNet SWIFTAlliance Starter Set File transfer GUI SWIFTNet Link   SWIFTNet * when used in conjunction with SWIFTNet Browse

38 Slide 38 SWIFTAlliance Starter Set  A software that leverages the SAE/SAA platform to provide out-of- the-box file transfer and browsing capabilities  Features –SAS, SAA/SAE & SNL run on the same system –Allows one concurrent operator (SAB) –SAS is available on Windows and AIX/Solaris –SAS include the SAB software  Connectivity –Connectivity Pack 1 to 5 [RA] SAA/E SAB [RA] Browse/InterAct & Manual files Modem SAS

39 Slide 39 SWIFTAlliance Gateway WebStation Concentration SAB FIN interface  Limited SAG licence allowing for SAB concentration  License includes 5 concurrent users and 1 SAB Base license  SAB on the corporate desktop  Upgrade to more concurrent users: – 5->10 – 5->20  Connectivity Pack 2 to 5 [RA] SAG SAB [RA] Browse/InterAct & Manual files

40 Slide 40 SWIFTAlliance Gateway Single Window  The ‘typical’ SAG Licence  License price based on traffic  License includes one Host Adapter (RAHA or MQHA) + one Agent (FTA or TDA), 5 concurrent users and 1 SAB Base license  Upgrade of Agents & Host Adapters possible, price depending on traffic tier  Value added versus SAG automation –Full SWIFTNet concentrator –SAG in the DMZ –Scalability, resource optimisation –Resilience  Connectivity –Connectivity Pack 2 to 5 DMZ SAG FIN Interface SAB CLS gateway RAMQRA [RA] Browse, InterAct & FileAct for any services

41 Slide 41 SWIFTAlliance Gateway – Licensing & pricing ‘An easy step approach’ Profile 1 : “WebStation Concentration” Benefits : -Flexible SAB deployment -From 5 till 320 concurrent users Price : Starts at €7,992 (incl SAB Base license + 5 users) YMF: €3,477 Profile 2 : “Automation “ Benefits : -Off-the-shelf application integration using Agents (FTA or TDA for < 200 InterAct or FileAct per day) -Flexible SAB deployment -From 1 till 320 concurrent users Price : Starts at €13,320 (incl SAB Base license, 1 user, 1 Agent) YMF: €3,402 Profile 3: “Single Window” Benefits : -Can reside in DMZ -Scalability & resource optimisation -Resilience -Off-the-shelf application integration using Agents (FTA or TDA) and Host Adapters (RAHA or MQHA) -Flexible SAB deployment -From 5 till 320 concurrent users Price: Starts at €26,434 depending on traffic license (incl SAB Base license, 5 users, 1 Agent, 1 Host Adapter) YMF: €6,025 SWIFTAlliance Starter Set Benefits : -FileAct out-of-the box, manual -1 concurrent user Price : €3893 (incl SAB Base license + 1 user) YMF: €1,516 €4,099 €5,328 €13,114 EUR prices are based on SWIFT 2005 budgeted reference rate (1.22)

42 Slide 42 Application-to-Application to ICM Messaging Services SWIFTNet InterAct SWIFTNet FileAct Recommended interfaces Vendor application  SAG Single Window In-house application  SAG Single Window + Developer Tool-kit Accessing the Payments Module Messaging Services SWIFT FIN SWIFTNet FIN Copy Recommended Interfaces SWIFTAlliance Access /Entry User-to-Application to ICM Messaging Services SWIFTNet Browse SWIFTNet InterAct SWIFTNet FileAct Recommended interfaces SAA/E users  SAS Others  SAB Option: SAG WebStation Concentrator SWIFTAlliance offering for TARGET2

43 Slide 43 Agenda Introduction A comprehensive set of services for TARGET2 SWIFT connectivity for TARGET2 Conclusion TARGET2 Preparation phase

44 Slide 44 Migration Timeline : example in case of going Live Date in November 2007 P r e p a r a t i o n Installation Testing Ordering Live M1 Ordering and Service Subscription M2 Installation & configuration M3 Start T2 test Planning Design M4 Start T2 Live

45 Slide 45 Project Definition and Preparation:  Appoint a project team  Read TARGET2 technical documentation  Select access mode (DP/IP)  Identify requirements to implement Target2  Upgrade your connection with your local Network Provider (swift.com – Partners – Network Partners) if applicable  Line provisioning / Installation

46 Slide 46 Ordering : Software ordering and Service Subscription  If not yet done, register to swift.com online services  Order additional software (SAB/SAG/SAS) or upgrade with SWIFT (swift.com – Support – ordering)  Software delivery  Complete and submit the e-MSSF by indicating single or multiple service subscription (swift.com – Support – ordering-Target2 specific MSSF)  Complete 1 e-MSSF for Target2 Testing and 1 e-MSSF for Target2 Live Milestone1 (M1) to be completed by April 2007

47 Slide 47 SWIFT.COM Tracking - Monitoring TARGET2 form Validation NCBService Administrator Approval page Approval page Implementation Customer Reporting sheet TARGET2 Service subscription (Life cycle)

48 Slide 48 Installation and configuration Milestone2 (M2) to be completed before May 2007  Perform your interface upgrade and install additional software or contact a SWIFT Business Partner (swift.com – Partners – Business Partners)  Install the FIN Copy Patch available on swift.com Download Center (swift.com – Support– Download Center) for non-SWIFT interface users please contact your Interface vendor  Upgrade your interface to enable pre-agreed MAC mechanism by installing patch (swift.com – Support– Download Center)  Configure your SWIFTNet interface

49 Slide 49 Testing  Exchange keys with Test Target2 CID (TRGTXEP0)  Activation of Target2 services in Test mode  Start testing according to the test cases/scenarios as prepared by ESCB and your NCB Milestone3 (M3) at start of test wave: May 2007 SSP development CB’s Acceptance Testing Free Testing activities Connectivity Testing Certification activities Inter- operability Testing Country Testing Business Day Testing Activities in the Production environment TARGET2 User Testing

50 Slide 50 Live  Exchange keys with Test TARGET2 CID (TRGTXEPM)  Activation of TARGET2 services in Live mode  Start testing according to the test cases/scenarios as prepared by ESCB and your NCB Milestone4 (M4) at start of Live wave: November 2007

51 Slide 51 Where to find help ?  Detailed readiness information is available please consult the ‘Getting Started’ document (www.swift.com – Products and Services – Market Infrastructures – TARGET2)www.swift.com  Please also consult the TARGET2 website (https://target2.ecb.int )https://target2.ecb.int  Contact your National Central Bank  –Contact details of Network Providers, Business Partners –SWIFT Customer Service Centers –SWIFT on-line support and Frequently Asked Questions (FAQ’s) –Updates on vendor initiatives, activities and status

52 Slide 52 Migrate smoothly to TARGET2 with SWIFT Training n Two different modules according to your role and requirements: n Business overview of TARGET2 n Technical infrastructure and file transfer n Complemented with technical training courses on the SWIFTAlliance interfaces n Available as of October 2005 n Courses scheduled according to the country migration window n Objective : receive technical background information to enable a smooth migration and implementation n

53 Slide 53 Migrate smoothly to TARGET2 with SWIFT Training ■ TARGET today – the need to evolve ■ Scope and framework of TARGET2 including an overview of the SSP ■ Overview of the services offered by the SSP ■ SWIFT's services for TARGET2 - SWIFTNet FIN, FIN Copy and CUG - SWIFTNet InterAct, FileAct and Browse Module 1 – Business overview of TARGET2

54 Slide 54 Migrate smoothly to TARGET2 with SWIFT Training The Secure IP Network, including resilient network access options for TARGET2 direct and indirect users The core SWIFTNet messaging services and their features: SWIFTNet InterAct, SWIFTNet FileAct, SWIFTNet Browse SWIFTNet security: layered security, PKI and SWIFTNet security officers FileAct on SWIFTAlliance WebStation: configuration, sending and receiving files FileAct on SWIFTAlliance Gateway: brief overview of FTA Module 2 – Technical infrastructure and file transfer Module 3 – Managing SWIFTAlliance Gateway Module 4 – Managing SWIFTAlliance Starter Set (incl. WebStation)

55 Slide 55 TARGET2 migration milestones Customer migration process Live User testing GFSUDFS v1UDFS v2 Definition phase UDFS final Book 4 Prepare now Order services

56 Slide 56 SWIFT supports the migration to TARGET2  Ad-hoc participation of SWIFT to the migration task force  Your Relationship Manager add name & coordinates) is your single window to SWIFT  Your service partner (add name & coordinates) can advise you on the technical infrastructure

57 Slide 57 TARGET2_generic_v8.ppt & & uestions A nswers


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