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SocGen adopts Swift International ISO 20022 standard for fund activity in France

21 February 2013  |  1459 views  |  0 Source: Societe Generale Securities Services

In December 2012, Societe Generale Securities Services (SGSS) completed migration to the ISO 20022 (MX) standard for its routing and centralising of UCITS orders in France.

The new SWIFT ISO 20022 standard for the funds activity which defines the international standard for subscription and redemption orders, is part of a more general worldwide movement in the funds industry, being driven in particular by French institutions. Use of this standard in the framework of the SWIFT messaging system will become mandatory in 2015.

Between October and December 2012, SGSS, a major player in the securities industry and the leading French stakeholder of the Euroclear routing platform, migrated its routing and centralising of UCITS orders in France to this new standard, in close collaboration with Euroclear. This illustrates SGSS's flexibility and capacity to pre-emptively adopt new technologies to offer its customers state-of-the-art services.

This adoption of the ISO 20022 (MX) standard in France follows a range of developments, including SGSS successfully obtaining ISAE 3402 certification for its internal control system and ISAE 3000 certification for control of departments producing Key Investor Information Documents (KIIDs). These certifications, obtained in the first half of 2012, demonstrate SGSS's commitment to offering products and services combining innovation and security to respond to customer demand for efficiency. 

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