Global Payments and Cash Management SEPA Update PREPARED FOR: Universwiftnet Milan DATE: 27 May 2009 Contents Opportunities For Italian MNCs Section 1 HSBC’s Proposition Section 2 Coming Next…. Section 3 Opportunities For Italian MNCs Italian MNCs Shared Service Center for European Entities 46 legal entities in 10 countries Banking relationships with multiple banks in 16 countries 11 different accounting systems Three of those SAP 4.6/B Three of those SAP 4.6/C Usage of 20 different electronic banking packages Domestic: 10 different formats supported Cross border: 7 different formats used For 13 entities paper based delivery to the bank For 8 entities manual input in bank software Direct debits: 6 formats supported Electronic receipts: 5 different formats for 3 countries applied SEPA offers potential for extensive efficiency gains SEPA Benefits for Italian MNC Local Entities as Internal Clients to Shared Service Centre Shared Service Centre acting as MNCs Interface to Banks MNCs Transaction Banks in Europe Bank A MNCs Shared Service Centre Bank B Bank C Using one format Sending one format Receiving one format SEPA Summary Benefits Statement - Italian MNC Cost Element Change in Cost SEPA Benefit Maintenance Costs Simplified account structures. Reduced need for reconciliations Administrative Costs Simplified collections structures – including SEPA Direct Debit Transaction Fees Euro payments fees as domestic Cross border fees eliminated. Funding Costs More efficient liquidity management. Optimised cash usage. Infrastructure Costs One-off - costs for ERP changes GRAND TOTAL Net costs expected to decrease. HSBC’s Proposition HSBC’s SCT Proposition At A Glance • Channel Access – Multi channel ………..HSBCnet, Connect, SWIFT, Elys PC, Multicash – Multiple formats …….Screen input, XML ISO20022, EDifact Paymul, SAP iDOC, MT103+ – On-line reporting for rejects and credit advices • Accounts – Domiciled in Italy and 12 other SEPA countries – Debit or credit to any major currency account • Intelligent routing for outgoing payments * – Plan B: Beneficiary Bank not SEPA adherent - defer to EBA STEP2 clearing – Plan C: Default to local in-country clearing, where present * Note. Default schemes are not governed by EPC rulebook, and may include truncation of data HSBC’s SCT Proposition At A Glance • Cut off times – Payments received before 10.30 CET sent same day – Those received after 10.30 CET sent next day – Incoming credits posted to client account same day of receipt • SCT Rulebook Changes Effective February 2009 – Harmonised payment purpose codes – “Payments on behalf of” concept (used by payments factories) • Pricing – Available on a standalone country basis – or consistent with Pan-European Tariff for clients in multiple sites HSBC Experience 15 Months On…….. • SCT Volumes modest. Gradually increasing. No significant Corporate take-up yet • end-to-end STP still work in progress - connectivity • still Central Bank reporting in some countries • organisational impact must not be underestimated • BIC and IBAN difficult to collate No significant Public Sector take-up yet • product support • political support • operational change Coming next…… New Products In The Next Two Years……... SEPA End Date EC consultation Summer 2009 SDD reachability effective November 2009 Soft launch Commercialisation from mid 2010 HSBC is totally committed to SEPA PSD - Compliance from November 2009 Specific information - maximum execution time, charges payable and interest and exchange rates (where applicable). No charges for this information. The full payment amount must be sent from the payer to the payee. Credits available no later than the end of the next business day after receipt. Cash available no later than the next business day after receipt of funds. Credit value date no later than the same business day of receipt. Debit value date no earlier than transaction debit date. Unauthorised transactions immediate refund up to 13 months after the debit date. Your HSBC Transaction Banking Team Tony Richter Head of Business Development Global Transaction Banking London Tel: +44 (0) 20 7991 6371 E-mail: [email protected] UNIVERSWIFTNET 2009 Milano 27 Maggio Sponsor HSBC NOVITA’ SEPA /PSD PER L’ITALIA Gianfranco Tabasso Vice Presidente AITI CEO FMS Group Scadenze …. 2/6 End Date ( solo strumenO SEPA …) La CE dice che la decisione verrà presa ‐ Giugno 2009 per SCT ‐ Dicembre 2009 per SDD PSD ( dal 1 Novembre 2009 ) Si applica anche agli strumenO non – SEPA per tuX i paesi e divise EU ‐ UK e Bulgaria hanno già pubblicato la legge nazionale di recepimento ‐ L a Svezia ha comunicato che non sarà pronta per quella data ‐ Gli altri paesi per ora tacciono … Per gli strumenO SEPA , alcuni paesi hanno annunciato dei ritardi ….ad es. Francia 2010 per SDD , Spagna 2011 per SCT e 2014 per SDD In Italia… ‐ Il CUSP e l ‘ABI , in separata sede , hanno presentato i loro commenO alla bozza di decreto preparato dal MEF ‐ Il dra` del decreto dovrebbe essere pronto …. ‐ La banche non hanno ancora comunicato quali cambiamenO ci saranno dal 1 Novembre per RiBa, Rid , Mav e bonifici (esecuzione in giornata e impossibilità valuta retroaXva) SEPA per le aziende Italiane 3/6 SCT e SDD In Italia ….. Payment InitaOon ‐ Interfaccia standard CBI ‐ Interfaccia SWIFT ISO 20022 , SWIFT MT , CBI Bank ReporOng ‐ E/C CBI SEPA‐ compliant ‐ SWIFT MT 940 SEPA‐ compliant 4/6 Che succede il 1 Novembre 2009 ? SDD La maggior parte delle banche non saranno pronte ad offrire SDD come banca del creditore e del debitore … ‐ Germania , Francia , Spagna ‐ Italia ? (all’ulOmo incontro in ABI alcune banche hanno dego che saranno pronte) Le banche e i service providers che sono pronO lanceranno dei “pilot” con alcune impresa In questa situazione non si prevede una grande richiesta di SDD da parte del mercato Commissioni Bancarie 5/6 ‐ Le banche non hanno comunicato le loro poliOche di prezzo per i prodoX SEPA ‐ Si presume che , all’inizio, le condizioni siamo le stesse degli analoghi prodoX non –SEPA … ‐ Per lo SDD cross‐border , la vera novità SEPA , la EC ha deciso una MIF che ,per default, è di 8,8 euro cents ‐ La MIF ( su SDD domesOci e cross border ) sarà in vigore per tre anni …poi si vedrà 6/6 Che succederà al RID e alla RIBA ? AITI sta lavorando con l’ABI e le banche su un AOS per lo SDD che riproduce le funzionalità del RID / AEA (all’inizio, per l’allineamento dei mandaO CMF, poi anche per la raccolta DMF) Non sarà comunque disponibile a breve AspeXamo che l’ABI lanci il tavolo tecnico per un AOS che salvi le funzionalità della RIBA nella SEPA ( uOlizzando lo SDD ) CONFRONTO SISTEMI DI PAGAMENTO EUROPEI 2007 ITALIA : SISTEMA DEI PAGAMENTI 2008 ITALIA : SISTEMA DEI PAGAMENTI 2008 2004 2005 2006 2007 2008 ITALIA : SISTEMA DEI PAGAMENTI 2008 Var. UniverswiftNet S€PA: Where are we today? Author : Bert Vanbrabant Version : 1 : Version date March 23th, 2009 Atos, Atos and fish symbol, Atos Origin and fish symbol, Atos Consulting, and the fish symbol itself are registered trademarks of Atos Origin SA. © 2006 Atos Origin. Private for the client. This report or any part of it, may not be copied, circulated, quoted without prior written approval from Atos Origin or the client. 26 Agenda S€PA: The ambition An overview of 9 out of 31 European countries Trends in the payments industry 27 S€PA: The ambition Simplicity One unique standard Common payment execution processes Transparent charges Transparent payment execution dates End to end payment execution Added value Reduction of banking accounts & bank relations Better liquidity management Centralisation of payment execution Centralisation of treasury management Cost reduction Straight through processing Software and services January 28th, 2008: SEPA Credit transfer go live - 4000 banks – 31 countries 28 S€PA overview BIC/IBAN conversion Spain France Germany Italy UK Belgium, Luxemburg, Netherlands, Switserland Intensive Intensive Intensive Done Intensive Easy to intensive DTA Re. website CBI BACS Local standards See website CBI BACS Local Standards Assistance offered by banks SEPA payment initiation Cuaderno 34 SEPA account statement Cuaderno 43 ISO 20022 CFONB120 ISO 20022 Banking Channels Bank specific Interbank Clearing & Settlement Iberpay 29 EBICS EBICS Bank specific Bank specific Bank specific, ISABEL, Equens, … CORE SEPA Clearer SIA-SSB & CBPI BACS Several SWIFT EBA - STEP2 Trends in the S€PA zone Corporates: increased use of payment factory and cash management tools internal banking solutions operational tracking & reconciIiation tools Clearing & settlement systems: introducing offerings to corporates on Direct access Back office services Banks: introducing services to corporates focusing more and more on the entire supply chain SEPA services Industry facilitators: offering Standards Secure messaging Global reach Sofware & Service providers: offering Software as a Service (SaaS) with built-in global reach 30 «Everybody enters everyone’s value chain » Your choices Your benefits for today and tomorrow are there for the picking 31 ISO 20022 Standards Universwiftnet, Milano Carlo Palmers, Corporate Market Solution Manager, SWIFT 27 May 2009 ISO 20022: the convergence recipe through interoperability • Syntax neutral business modelling methodology • Syntax specific design rules • Industry led development/registration process • Financial repository on www.iso20022.org • Reverse engineering approach to ease coexistence UniverSWIFTNet – Milano 33 Payment initiation – Account reporting Customer-to-Bank Interbank Bank-to-Customer INITIATION Customer Credit Transfer Initiation Customer Direct Debit Initiation CLEARING & SETTLEMENT Payment Status Report ACCOUNT REPORTING ACCOUNT REPORTING B2C Account Report B2C Account Report B2C Account Statement B2C Account Statement B2C DebitCreditNotification B2C DebitCreditNotification UniverSWIFTNet – Milano Payment Initiations – Account reporting Customer-to-Bank Interbank Bank-to-Customer INITIATION OF CREDIT AND DEBIT TRANSFERS CLEARING & SETTLEMENT ACCOUNT REPORTING ACCOUNT ISO 20022 mandatory recommended for SEPA instructions UniverSWIFTNet – Milano REPORTING E2E transport of a core payments kernel • Identification of ordering customer (and, if necessary, instructing party) Mandatory support in SEPA instructions • Identification of beneficiary (and, if necessary, ultimate beneficiary) • Information related to amounts (ordered amount, charge details, …) • Remittance Information (references, structured and non-structured information) • Dedicated references for all participants UniverSWIFTNet – Milano Payment Initiation Scenarios 1 Credit or Debit Initiation Account owner 3b 3a Account Servicing Institution 2 Credit or Debit Initiation Account owner Forwarding Institution Credit or Debit Initiation Credit or Debit Initiation Initiating Debtor Party Ultimate DebtorDebtor UniverSWIFTNet – Milano Account Servicing Institution Account Servicing Institution Focus on XML and Corporate Benefits HSBC Delivery Country coverage : 23 countries currently implemented plus SEPA Readiness in key messages for payments low and high value, COS, reporting etc … Experience with live customers in multiple countries: Asia, SEPA, Bermuda, … Engagement in next steps and pilots On-going developments to add new messages such as Direct Debit Corporates benefits Facilitate straight through processing. Provides a consistent model based on agreed global standards that will enable the automation of business processes and information flows. Improves the payments process through improved monitoring and visibility from both an originator and beneficiary perspective. Improves cash management processing through improved visibility of cash. Reduces manual labour costs associated with the exception handling process. Reduce host to host implementation costs through the use of harmonised standard messaging. Provides the opportunity to leverage technology investments in ERP and TMS solutions. ISO 20022 messages for reporting • camt.052 - Bank-to-Customer Account Report – Sent intraday, as per agreed timing with the bank – Report, including pending entries – Comparable with MT 942 • camt.053 - Bank-to-Customer Statement – Sent end-of-day/end-of-cycle – Composed of balances and final entries – Comparable with MT 940 • camt.054 - Bank-to-Customer Debit/Credit Notification – Sent “ad hoc”, as per agreed conditions with the bank – Multiple message – Comparable with MT 900/MT 910 UniverSWIFTNet – Milano Account Reporting Scenarios 2 1 Account Report Account owner Account Servicing Institution Account Report Account owner Forwarding Institution Account Report 3 Account Report Recipient Account Owner UniverSWIFTNet – Milano Account Servicing Institution Account Servicing Institution Main differences Account report Statement Debit/Credit Notification Mandatory Mandatory Balances Optional Mandatory Exchange rate Optional Optional Summary of transactions Optional Optional Optional Entries Optional Optional Optional Account information Booked " Pending " " Detailed information on transactions UniverSWIFTNet – Milano " " " Mandatory " " " " " Electronic Bank Account Management Today’s issues and project objectives Today Tomorrow Paper XML messages Supporting documents Fax • Slow • Low integration • Automated/STP • Dematerialised • Expensive • Low satisfaction • Standardised UniverSWIFTNet – Milano • Faster/cheaper Electronic Bank Account Management Planning 2009 Jan Feb Mar Apr May Jun Jul Aug Pilot group Sep Dec Public availability Deliver draft xml Prepare for pilot • Integration • SWIFT solution • Technical readiness UniverSWIFTNet – Milano Pilot Close pilot ISO Certification DistribuOon by SWIFT 1 45678 45678 45678 to banks VerificaOon of cerOficate validity 5’ 5 3 AcOvaOon/ RevocaOon/ Renewal DistribuOon to corporate by bank 2 45678 45678 RegistraOon and usage* 4’ 45678 UniverSWIFTNet – Milano 4 RegistraOon and usage* with addiOonal banks * Over any channel swift.com/corporates Are you a corporate seeking more visibility of cash, less cost to manage transactions and improved security and reliability? Are you a bank or partner looking for the latest information on SWIFT for corporates? 45
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