• Bank Readiness Certification program


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    • Abstract: a bank readiness certification program in place with two main goals: ... 6. Evolution: the readiness program will be introduced with a roadmap for 2011 ...

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SWIFT for Corporates
Bank Readiness Certification program
Version 1.5
This document provides the criteria for certifying banks on their operational and commercial readiness in order to offer
their services over SWIFT (i.e. "SWIFT for corporates" further referred to as "S4C")
6 April 2011
Table of Contents
Table of Contents
Table of Contents ..........................................................................................................................2
1 Introduction .........................................................................................................................3
1.1 Purpose of this document.................................................................................................. 3
1.2 Main principles .................................................................................................................. 3
1.3 Scope overview ................................................................................................................. 4
2 Operational readiness criteria (level 1) .............................................................................5
2.1 Context: SCORE ............................................................................................................... 5
2.2 Messaging ......................................................................................................................... 5
2.3 Testing capability............................................................................................................... 5
2.4 Documentation .................................................................................................................. 6
2.5 Implementation Support .................................................................................................... 6
3 Commercial readiness criteria (level 1) ............................................................................7
3.1 Sales staff .......................................................................................................................... 7
3.2 Commercial documentation............................................................................................... 7
4 Optional operational criteria (level 2) ...............................................................................9
4.1 Correctly support FX confirmations (MT 300) ................................................................... 9
4.2 Correctly support Fixed loan/deposit confirmations (MT 320) .......................................... 9
4.3 Correctly support Notification to receive messages (MT 210) .......................................... 9
4.4 Correctly support Debit and Credit confirmation messages (MT 900, MT 910) ................ 9
4.5 Correctly support Trade Finance messages (MT 798) ..................................................... 9
4.6 Correctly support ISO 20022 payment instructions over FileAct ...................................... 9
4.7 Correctly support ISO 20022 XML cash reporting messages over FileAct ..................... 10
4.8 Correctly support ISO 20022 XML bank account management messages over FileAct 10
4.9 Accept 3SKey personal digital signatures ....................................................................... 10
5 Optional commercial criteria (level 2) .............................................................................11
5.1 Member/concentrator (M/C) offered ................................................................................ 11
6 Publication of bank readiness status .............................................................................12
7 Bank readiness declaration .............................................................................................13
06/04/2011 2
Introduction
1 Introduction
1.1 Purpose of this document
In response to market demand, and confirmed by the results of a bank and corporate
survey early 2010, SWIFT and the Corporate Advisory Group (CAG) have agreed to put
a bank readiness certification program in place with two main goals:
1. Increase the operational and commercial readiness level of banks for "SWIFT
for Corporates" ("S4C")
2. Increase the corporate awareness about the readiness status of the banks on
their "S4C" offering,
To achieve this, a number of criteria will be used to certify the readiness status of the
banks that offer S4C. The result of this certification will be made available publicly in
order to increase the awareness and fasten adoption.
The purpose of this document is to:
- detail the criteria that will be used to assess the bank readiness status
- propose a way to publish the results of this assessment
- propose a template declaration sheet that will be used for the self-declaration of
readiness by the bank
1.2 Main principles
At their 25 June conference call and 5 October meeting, the CAG agreed on the
following main principles for the bank readiness project:
1. Two dimensions: operational and commercial readiness. Banks should
demonstrate an appropriate level of both operational (e.g. integration of
applications, compliance with SWIFT standards) and commercial (e.g. sales
force should be knowledgeable, availability of collateral) readiness.
2. Two levels: a minimum set of mandatory criteria will have to be met in order to
be considered ready. Additional optional capabilities for which the bank is ready
may be published, but only if the minimum capabilities are met.
3. Publication: the banks' readiness statuses will be published, not the lack thereof
("wall of fame", no "wall of shame").
4. Participation: enrolment in the program is voluntary.
5. Granularity at country level: corporates want to know the readiness status at
country level (eg, bank A is "ready" for countries x, y, z)
6. Evolution: the readiness program will be introduced with a roadmap for 2011
and 2012. The roadmap will be reviewed on a yearly basis.
7. Validity: validity of the certification will be until the criteria change.
8. Validation: the certification will be on a self-declarative basis, complemented by
explicit validation if deemed necessary (e.g. further to customer feedback).
06/04/2011 3
Introduction
Banks will use the attached template to declare to SWIFT in which countries and
for which services they want to be listed as "ready". Customer feedback will
serve as confirmation or trigger SWIFT to verify the correctness.
9. Costs: participation to the program is free. Only when explicit validation is
needed, we will consider to cover cost+.
1.3 Scope overview
1.3.1 Mandatory operational readiness criteria (level 1)
Context: SCORE (i.e. MA-CUG is out of scope)
Messaging:
Support FIN and FileAct
Standardisation:
Able to receive MT 101
Able to send MT 940 and MT 942
Comply with MT-Implementation Guide for SCORE
Comply with FileAct-Implementation Guide for SCORE
Testing capability: mandatory
Documentation available:
On-boarding guide, including implementation documentation (e.g. BIC(s),
FileAct parameters) and testing scripts
Contractual information (potentially based on the SWIFT template contract)
Support: availability of trained support resources
1.3.2 Mandatory commercial readiness criteria (level 1)
Sales staff: identified, trained, first line contact person
Commercial documentation: availability of e.g. factsheet, description on website
1.3.3 Optional operational readiness criteria (level 2)
Support FX confirmations (MT 300) and Fixed loan/deposit confirmations (MT 320)
Support Notifications to Receive (MT 210)
Support Credit and Debit confirmations (MT 900, MT 910)
Support Trade Finance instructions (MT 798)
Accept ISO 20022 XML payment instructions (pain.001, pain.002)
Send ISO 20022 XML reporting (camt.052, camt.053, camt.054)
Exchange ISO 20022 XML EBAM instructions (acmt)
Accept 3SKey personal digital signatures on payments and/or EBAM instructions
1.3.4 Optional commercial readiness criteria (level 2)
Offer Member/Concentrator (M/C) model
1.3.5 Additional information
Any additional information should be published on the banks' own websites.
06/04/2011 4
Operational readiness criteria (level 1)
2 Operational readiness criteria (level 1)
A bank is considered ready to offer S4C in a certain country if it complies for that country
with all of the below criteria:
2.1 Context: SCORE
The bank must make its offering available through SCORE (i.e. MA-CUG is not
mandatory)
2.2 Messaging
2.2.1 Correctly support a minimum set of MTs
To correctly support an MT message, the bank's application must comply with the
standards rules as per the User Handbook (UHB) and with all the guidelines for this
message as per the "SWIFT for corporates - Standards MT Implementation Guide"
Be able to receive an MT 101, Request for Transfer message, used by a corporate to
instruct credit transfers from its account.
Be able to send an MT 940, Customer Statement message, to report end-of-day (or
end-ofperiod) on all booked entries on the account and the resulting balances.
Be able to send an MT 942, Interim Transaction Report, to report intraday on specific
activity on the account
2.2.2 Comply with FileAct Implementation Guide for SCORE
The FileAct implementation should comply with the rules as set out in the "SWIFT for
corporates - FileAct Implementation Guide". "Readiness" does not imply that all services
specified in the FileAct Implementation Guide (eg, electronic Bank Account
Management, Trade Finance, ...) have to be supported. If the service is offered, the
rules apply.
2.3 Testing capability
2.3.1 Test environment available
A bank must use (one of) its test BIC-8 for testing purposes to corporates for sending
and receiving FIN. The test BIC-8 ends with a "0". The bank may use its generic test
BIC-8, a dedicated branch code for SCORE, a specific test BIC-8 for SCORE, or even a
dedicated test BIC-8 per client. Similarly, a dedicated Distinguished Name (DN) must be
available for identifying the test service for FileAct files in test mode. The bank must be
able to provide a description of the testing facility to the corporate customer, containing
information such as the BIC-8 and the DN to be used, opening hours of the test
environment and contact details.
2.3.2 Scripts for testing connections and applications
A bank must have a series of test scripts available for testing FIN and FileAct connection
availability and the ability to exchange messages according to the message set
identified in section 2.2.
06/04/2011 5
Operational readiness criteria (level 1)
The test scripts may, but do not have to, describe different business scenarios that need
to be covered during the on-boarding of a corporate customer. The goal of the standard
test scripts is to ensure both parties that the SWIFT for Corporates connection through
SCORE is operational and can be used to exchange instructions and reports. Eg, the
correct exchange of the RMA information might be sufficient.
Individual institutions are responsible for the integration of the information into their
systems and for the correctness of the message content. This is not part of the
mandatory testing scripts.
2.4 Documentation
2.4.1 On boarding Guide
A bank must be able to provide (on-line or on-request): an "on-boarding guide (or a set
of documents, technical specifications, information), including
1. the bank's FIN implementation form (a template example is available in annex
A of the "Bank operational readiness guide")
2. the bank's FileAct implementation form (a template example is available in
annex B of the "Bank operational readiness guide")
2.4.2 Contractual information
A documented contract is available on justified request (only in case the bank requires
the corporate to sign a specific contract for S4C at all). Use of the SWIFT template is not
mandatory but recommended, jurisdiction permitting. The order of preference is
1. no additional contract to sign
2. contract based on the SWIFT template
3. standard contract.
If nothing is available, and the bank requires a contract to be signed, the bank is not
considered ready.
2.5 Implementation Support
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The bank must have at least one identified individual to provide 1 line customer support
and can state that the(se) persons is (are) sufficiently trained to offer support on the
bank's S4C offering (e.g. attended the SWIFT for Corporates course, a bank internal
training course on SWIFT for corporates, have documented procedures, or equivalent).
06/04/2011 6
Commercial readiness criteria (level 1)
3 Commercial readiness criteria (level 1)
A bank is considered ready to offer S4C in a certain country if it complies for that country
with all of the below criteria:
3.1 Sales staff
Identify, at least one, trained, contact person for the country. The person(s) is (are) not
necessarily dedicated to that country. One person may cover several countries. The
contact information is available, either on-line on the bank's website (not necessarily
their name), or through the dedicated relationship manager of the client/country. The
bank must be willing to state that the person(s) is (are) sufficiently trained to offer SWIFT
support (attended the SWIFT for Corporates course, a bank internal training course on
SWIFT for corporates, or equivalent).
3.2 Commercial documentation
3.2.1 Factsheet, FAQs, Solution description, ...
Commercial documentation (ie, a 1- or 2- page factsheet describing SWIFT for
corporates in general and SCORE in particular, a frequently asked questions set around
SWIFT for corporates, a solution description and/or a sales presentation deck) must be
available from the bank's website and/or from the sales force on justified request. Key is
that SWIFT and SCORE are clearly described and positioned as a communication
option to reach the bank in the respective country.
3.2.2 Link from SWIFT's corporate site to the bank's website
The bank must provide SWIFT with a hyperlink to a webpage on the bank's website
describing their SWIFT for Corporates offering and specifying contact details in case
Corporates would need more information. This can be done two ways:
the hyperlink gives direct access to a dedicated webpage with the description of
the SWIFT offering and the contact details, potentially with a further hyperlink to
more detailed webpages/factsheets/documents
the hyperlink leads to a generic webpage mentioning SWIFT amongst other
solutions but containing a link to a dedicated webpage/factsheet/document
describing in detail the offering and providing the contact details.
The information must be publicly available (not restricted by a login). The hyperlink can
be the same for all countries in which the bank is ready.
The documentation should promote SWIFT as a channel to access your bank. To help
you with the content, we have listed some elements that can be part of your offering
description:
Drivers and benefits for Corporates to use the bank's solution via SWIFT (e.g.
high security, increased control, bank reach, global standards, cash visibility,
cost reduction, ...)
Services offered by the bank via the SWIFT channel (e.g. payments, reporting,
FX confirmations, Trade, EBAM, 3SKey ...)
Connectivity options (e.g. via FIN/FileAct, with SCORE/MA-CUG, type of
messages/files, standards, Member-Concentrator, ...),,
06/04/2011 7
Commercial readiness criteria (level 1)
Integration and use of the solution
Description of SWIFT, bank's relationship with SWIFT, bank's market presence
As mentioned above, the description must contain the contact details within the bank.
06/04/2011 8
Optional operational criteria (level 2)
4 Optional operational criteria (level 2)
4.1 Correctly support FX confirmations (MT 300)
To correctly support an MT 300, the bank's application must be able to send and receive
FX confirmation messages, in compliance with the standards rules as per the User
Handbook (UHB) and with all the guidelines for this message as per the "SWIFT for
corporates - Standards MT Implementation Guide".
4.2 Correctly support Fixed loan/deposit
confirmations (MT 320)
To correctly support an MT 320, the bank's application must be able to exchange Fixed
loan/deposit confirmations, in compliance with the standards rules as per the User
Handbook (UHB) and with all the guidelines for these messages as per the "SWIFT for
corporates - Standards MT Implementation Guide"
4.3 Correctly support Notification to receive
messages (MT 210)
To correctly support the Notice to Receive message, the bank's application must be able
to receive an MT 210 in compliance with the standards rules as per the User Handbook
(UHB) and with all the guidelines for this message as per the "SWIFT for corporates -
Standards MT Implementation Guide"
4.4 Correctly support Debit and Credit confirmation
messages (MT 900, MT 910)
To correctly support these additional cash management messages, the bank's
application must be able to send MT 900, Debit Confirmation and MT 910, Credit
Confirmation messages, in compliance with the standards rules as per the User
Handbook (UHB) and with all the guidelines for these messages as per the "SWIFT for
corporates - Standards MT Implementation Guide"
4.5 Correctly support Trade Finance messages (MT
798)
To correctly support the MT 798, the bank's application must be able to exchange trade
finance messages, in compliance with the standards rules as per the User Handbook
(UHB) and with all the guidelines for these messages as per the "SWIFT for corporates -
Standards MT Implementation Guide"
4.6 Correctly support ISO 20022 payment
instructions over FileAct
To correctly support the ISO 20022 XML payment initiation messages (pain.001.001.02
and pain.002.001.02) on FileAct, they must be implemented in line with the ISO 20022
"Message Definition Report" and the ISO 20022 "Message Usage Guide" and comply
with the rules and guidelines in the "SWIFT for corporates - FileAct Implementation
06/04/2011 9
Optional operational criteria (level 2)
Guide" and the "SWIFT for corporates Standards MX implementation guide" which
specifies the agreements of the Common Global Implementation group (CGI).
4.7 Correctly support ISO 20022 XML cash
reporting messages over FileAct
To correctly support the ISO 20022 XML cash reporting messages, on FileAct, they
must be implemented in line with the ISO 20022 "Message Definition Report" and
comply with the rules and guidelines in the "SWIFT for corporates - FileAct
Implementation Guide" and the "SWIFT for corporates Standards MX implementation
guide" which specifies the agreements of the Common Global Implementation group
(CGI).
The relevant cash reporting messages are
1. camt.052.001.01 (Bank To Customer Account Report)
2. camt.053.001.01 (Bank To Customer Statement)
3. camt.054.001.01 (Bank To Customer Debit Credit Notification)
4.8 Correctly support ISO 20022 XML bank account
management messages over FileAct
To correctly support the ISO 20022 XML bank account management messages
(acmt.007.001.01 until acmt.021.001.01) on FileAct, they must be implemented in line
with the ISO 20022 "Message Definition Report" and the "SWIFT for corporates - FileAct
Implementation Guide".
4.9 Accept 3SKey personal digital signatures
The bank is subscribing to the 3SKey service and accepts 3SKey signatures as a digital
means to prove personal identities on SCORE.
1. On payment instructions
2. On EBAM instructions
06/04/2011 10
Optional commercial criteria (level 2)
5 Optional commercial criteria (level 2)
5.1 Member/concentrator (M/C) offered
The bank offers a Member/Concentrator model, a connectivity service that allows the
banks' customers to completely outsource all SWIFT-related technical, logistical and
administrative operations to the bank.
06/04/2011 11
Publication of bank readiness status
6 Publication of bank readiness status
SWIFT will publish on www.swift.com/corporates a detailed description of the criteria that are used to assess a bank's readiness and an overview
of the readiness status of each bank per country. The overview will contain the link to the bank's own webpage about SWIFT for corporates. We
propose to have the following overviews available:
Need to include new screen shots
07/02/2011 12
Bank readiness declaration
7 Bank readiness declaration
SWIFT will provide a template excel form with a declaration stating the bank's commitment to the program, and a tick-list where all criteria are
listed and banks will have to choose Yes/No from a pull down list. The declaration reads:
"The bank declares to be operationally and commercially ready to offer its services to their corporate customers through SWIFT, in accordance
to the criteria specified in the bank readiness document.
The below spreadsheet confirms the readiness for the different services, and provides the necessary information for each of the countries where
the bank wants its readiness to be known.
The bank agrees that SWIFT publishes the information in the below spreadsheet on its website and warrants that the information is accurate and
up-to-date. The bank commits to inform SWIFT about any changes in the below information,
Date: ____________________________
Name: ___________________________
Function: _________________________
Bank: ____________________________
Your SWIFT contact: ________________
Signature: ________________________
Only when the mandatory section for a certain country is completely green in the tick-list, the bank will be published as ready for that country.
The additional optional criteria for which the bank is ready will in that case also be mentioned as per the proposed screens in chapter 6. The
actual excel sheet is attached to this document. It is designed to automatically feed the previous screens, and to be completed easily. The below
is an example. Need to include new template
07/02/2011 13


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