Summary
International Seminar on Adoption of ISO 20022 for RTGS was organised at the College
of Agricultural Banking, Pune on September 30 and October 1, 2013. In his
inaugural speech, Shri H R Khan, Deputy Governor, raised issues for deliberations
as to whether adoption of ISO 20022 message standards decrease the complexities
and application development time required to manage payment architecture and whether
it increases security and efficiency of internal processes and payment architecture.
Mr Marc Bayle, Programme Manager, Target2-Securities and Principal Adviser at the
European Central Bank made a presentation on
“Payment and Settlement Systems – Changing Global Dynamics”. He deliberated
on the emergence of global standards as a solution for challenges in local application.
He dwelled upon global trends in market infrastructure. Mr. Stephen Lindsay, Head
of Standards, SWIFT made a presentation on the
“Evolution of ISO 20022 Standards”. His presentation traced the history
of the standards used in the payment systems with specific reference to the ones
used in RTGS. He gave an outline of countries can adopt the standards for their
payment systems.
The presentation on
“RBI’s Experience on Adoption of ISO 20022 for RTGS” was made by Dr A S
Ramasastri, CGM-in-Charge, Dr AK Hirve, CGM and Dr A K Sharma, GM from DIT. The
presentation covered strategy, approach and implementation of ISO 20022 for the
RTGS in India.
The panel discussion on ‘Futuristic Trends in the Payment Systems and ISO 20022’
was chaired by Shri G. Padmanabhan, ED. The other panellist were Mr. Jochen Metrzer,
Head of the Department Payments and Settlement Systems at Deutsche Bundesbank, Mr
Daso Coimbra, Head of the Department of Banking Operations and Payment System the
Brazilian Central Bank and Mr Edward Leach, Head of Operations in the National Payment
System Department at the South African Reserve Bank. They covered various issues
including that related to whether to high value payments or retail payments should
be brought under ISO 20022 standards and whether Central Banks should adopt a big
bang approach for adoption or segment by segment reaping the benefit of ripple effect
and lastly on the possibilities of countries adopting the standards by 2015 and
2020.
In his valedictory speech, Shri Anand Sinha, Deputy Governor emphasized the importance
of standards for interoperability among various payment systems. He discussed the
importance of information for commercial banks and the central banks and how standard
message formats can help in improving information exchange that can be used for
various purposes.
The seminar had participation from various central banks, Reserve Bank of India,
IDRBT, Indian public sector banks, foreign banks, NPCI and SEBI. The contents and
conduct of the seminar was well appreciated by the speakers and participants.
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