NSD is updating data exchange formats, transitioning to modern standards to improve efficiency and interaction convenience.
About the Concept
Background
Currently, there is no unified approach to using standards and formats in the Russian market, which complicates interaction and reduces process efficiency
Some market participants see synchronization issues in applied standards and understand that the future lies in format unification for the Russian market, but do not take initiative
Foreign counterparts are working on implementing ISO 20022 standard in their activities and steps for smooth transition to it
Key Objectives
The goal of EDI concept development is to improve the efficiency of the financial market and the quality of depository services provided through the implementation of unified formats and standards for all areas of depository activities.
Adaptation of XML Formats to ISO 20022 Methodology
03
Wide Implementation of ISO 20022 Standard for Reporting
04
Reduction of Proprietary Standards Usage (ISO 15022, etc.)
Implemented Format
We are implementing XML format, including ISO 20022 standard messages, as the most promising solution for electronic interaction. This format has already gained wide recognition in the international financial market: the International Securities Services Association (ISSA) recommends ISO 20022 for both optimizing current processes and implementing new services.
Transition to a single modern standard for all market participants
Flexibility
Accelerating implementation of changes when implementing legislative and other initiatives
Integrability
Simplifying integration processes between various information systems
Efficiency
Improving exchange detail level and process automation level
Benefits of Transition to New Standard
Participants
A single standard will allow transition to STP, reduce operational risks when interacting with external counterparts and reduce integration costs between participants
Investors
Improving the speed of transmitting accurate and clear information, from the initiator (issuer or depository) to the end investor, who will receive information in unified formats
Infrastructure
A single format will accelerate implementation of new solutions in any message sending system taking into account market and legislative requirements