Citi Payments Perspectives

18 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) In addition, the TMP incorporates the inflow translation feature which is a tool that will help non-ISO-ready members to receive MT embedded MX messages during the coexistence period between November 2022 and November 2025. This TMP technology, which is targeted for early 2023, will be focused on implementing transaction data integrity and transaction copy visibility rules. Subsequent releases will help drive future developments supporting new settlement methods, data driven enhanced automation and ecosystem interoperability. This is presently being defined as part of the SWIFT payment “blueprint” expected to be published in Q2 2022 which will set out the vision, end state, and define the strategic initiatives and roadmap for the platform. API Transaction Manager Messaging or API gpi tracker Messaging FINplus Bank C Stays on MT Inflow translation adds an equivalent MT message Bank B Uses ISO 20022 <ISO 20022 XML ----------------------- ----------------------- ----------------------- ----------------------- /> <ISO 20022 XML ----------------------- ----------------------- ----------------------- ----------------------- /> Bank A Uses ISO 20022 <ISO 20022 XML ----------------------- ----------------------- ----------------------- ----------------------- /> MT {2:0103................. : :20:------------------ ----------------------- -} <ISO 20022 XML ----------------------- ----------------------- ----------------------- ----------------------- /> Figure: State-of-the-Art Platform: Transaction Manager (Source: SWIFT) Additional key SWIFT Platform Strategy Components to Watch: GPI instant Pre-validation SwiftGo Gpi instant is establishing a globally scalable model to define the standards and rules to integrate gpi flows onward & inward via domestic Instant Payment schemes globally. Service is currently live in UK-Faster Payments and India- IMPS and in pilot mode with Australia- NPP and Singapore-Fast. SWIFT’s pre-validation service helps to ensure that issues with payments are identified before the payment leaves the initiating institution by pre- validating key payment information, making cross-border payment execution on the whole more efficient and cost effective. SWIFTGo leverages the principles of SWIFT gpi to make simple, low value cross-border payments for SMEs and consumers as easy, predictable, transparent and low cost as domestics payments. Over 120 banks have signed up since launch. Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary