Industrial and Commercial Bank of China Transitions to ISO 20022

 

Industrial and Commercial Bank of China Financial Services (ICBCFS) is now processing corporate actions in the new ISO 20022 messaging standard. The ICBC Limited subsidiary has gone live with the DTCC ISO 20022 corporate actions message format with SunGard’s XSPrisa technology.

The transition to ISO 20022 is part of the Depository Trust & Clearing Corporation (DTCC)’s initiative to adopt industry-wide standard messaging by 2015. ISO 20022 messaging includes enhanced data elements to help improve identification and representation of corporate actions events, mitigating the risk of misinterpretation of data and enabling greater straight-through processing (STP).

Kevin McKeown, chief operating officer (COO) of ICBC Financial Services, said that ICBCFS is committed to streamlining its corporate actions processing by adopting ISO 20022 message standards. “By becoming an early adopter of the DTCC Transformation initiative, we are able to introduce greater automation to help mitigate risks and maximise efficiencies in an area of operations that has traditionally been manual and error prone,” he said.

“SunGard’s XSPrisa SaaS-based solution helped us eliminate the costly technology deployment, and we were able to go live with the ISO 20022 corporate actions messages in a matter of days.”  

Daniel Thieke, managing director and general manager, settlement & asset services for DTCC, noted that by migrating to one global messaging standard, ICBCFS should be able to reduce risks and costs, while promoting greater STP. “With the number of ISO 20022 corporate actions announcement messages surpassing the 250-million-reference mark, DTCC continues to work directly with clients as well as solution providers to help industry participants manage the soaring volumes and increasingly complex events,” he added.

Brendan P. Farrell, Jr., executive vice president (EVP) for SunGard’s XSP, said that the DTCC transformation initiative is a key focus for XSP. “We are working with our customers to help them manage the required systems changes before DTCC’s 2016 deadline for transitioning to ISO 20022,” he said.  

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