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Reserve Bank eyes partners for financial messaging standardisation system

Reserve Bank eyes partners for financial messaging standardisation system

Looking for a system that adheres to ISO 20022

Credit: RBA

The Reserve Bank of Australia (RBA) has issued an invitation for expressions of interest (EOI) for the provision of a customer transaction processing and settlement system to move in line with international standards.

The new system must adhere with the International Organisation for Standardisation (ISO) standard 20022 – a standardisation of messages for financial institutions around the world, according to the EOI document listed on AusTender.

ISO 20022 has been adopted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and while the RBA plans to move to the new messaging format, it has not, the document stated.

"Accordingly, [the RBA] needs a system that meets the new requirements as well as existing needs throughout a coexistence period," the document noted.

The new system must be able to manage the transactional activity of overseas customers for settlement in the domestic High-Value Payment System, Austraclear and other domestic payment streams.

The system must also be able to process SWIFT’s FIN messaging exchange system and meet ISO 20022’s messaging standards for domestic and cross boarder payments and reporting plus messages, as well as being scalable for other message types in the future.

Additionally, the system must monitor account balances in real time and review transactions ahead of release, map received instructions to domestic settlement system requirements and allow for straight through processing and/or manual release of payments and messages for domestic settlements.

It also needs to be able to manage permitted SWIFT instruction types, have redundancy measures in place, provide application, activity and performance monitoring capabilities, contain a user profile system that can enable information access to varying levels, maintain audit trails of key activities and provide reporting capabilities.

Interested parties are invited to send a submission to the EOI via AusTender up until 16 June at 2:00pm AEST.

 

 


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