Jasdec goes live on ISO 20022 on Swift
14 March 2014 | 2939 views | 0
SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that the Japan Securities Depository Center (JASDEC) has successfully gone live with ISO 20022 on SWIFTNet on 6 January, the first major securities market infrastructure (SMI) to use the international standard for end-to-end settlement.
Claus Kwon, Head of Securities Markets, Asia Pacific, SWIFT, said: ""SWIFT has been working closely with JASDEC to internationalise and standardise their messaging standards and connectivity by adopting ISO 20022 since 2007. Through this major initiative, the country's central securities depository will significantly increase international competitiveness, strengthen interoperability and straight through processing, and enhance market functionality."
From January 2014 until December 2018, all market participants will migrate their messaging standards from the existing message formats to ISO 20022.
Alexandre Kech, Head of Standards, Asia Pacific, SWIFT, commented: "JASDEC has been a pioneer in adopting ISO 20022 and it has been an excellent learning experience not only for the Japanese financial services industry but also for market participants around the world. This project, together with DTCC and T2S' ISO 20022 adoption, has greatly contributed to the global recognition of ISO 20022."
HSBC sent the first live ISO 20022 message to JASDEC via SWIFTNet on 6 January. Daniel De Weyer, Relationship Manager for HSBC in Asia Pacific, SWIFT, said: "By reusing their existing SWIFT infrastructure, HSBC can now enjoy a host of benefits - operational flexibility, cost efficiencies, improved risk controls and global access to JASDEC. It also gives a strong signal to the industry that use of ISO 20022 is a true reality, and having them showcase the advantages of using SWIFT for JASDEC sets a great example for the next phase as we bring more community members on board."
Imamura Securities was the first JASDEC customer to use SWIFT's Alliance Lite2 service to connect to JASDEC. SWIFT Alliance Lite2 is a cloud-based service that provides customers with an easy, cost-effective, secure connection to the SWIFT network and related applications and services.
SWIFT has been in Japan for over 30 years and has eight commercial and support offices across the Asia Pacific regiion, as well as an Operational Central Control Centre and a new corporate services hub that opened in Kuala Lumpur in March 2013.
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