DTCC and SWIFT Launch ISO 20022 Messaging Pilot Programme

Brown Brothers Harriman & Co (BBH) has agreed to participate in a new ISO 20022 corporate actions messaging pilot programme launched by the Depository Trust & Clearing Corporation (DTCC) and SWIFT, the financial messaging provider. The pilot programme, run by DTCC, will allow BBH to use the SWIFT network to automatically receive standardised corporate actions announcements and their related cancellations from DTCC in ISO 20022 messaging formats.

Previously, DTCC has relied on its own proprietary formats and systems for communications to their participants for corporate actions. In 2009, DTCC announced plans to eliminate proprietary files and migrate to ISO 20022 messaging formats for corporate actions announcements by 2015. The ISO 20022 messages are part of DTCC’s corporate actions reengineering initiative that will be phased in during the next few years. The initiative will replace the 60 legacy DTCC systems that currently support corporate actions and will create a single, new platform that allows users to manage their entire corporate action lifecycle from announcements through instructions to payments.

“DTCC’s adoption of ISO 20022 represents a significant milestone in the US market which will transform global corporate action messaging standards. We are excited to be the first financial institution to register for the DTCC/SWIFT ISO 20022 corporate actions pilot programme,” said Anthony DePalma, managing director of BBH. “DTCC’s move to ISO 20022 will enhance our overall integration with the depository for corporate actions announcements, improving overall timeliness and accuracy and most importantly reducing risk, which ultimately will benefit our clients. Leveraging ISO 20022 and the SWIFT network will serve as the framework to globally advance corporate actions for the entire network of participants.”


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