MyStandards User Group Meeting in Belgium 2016 – Community spirit set MyStandards on path for sustainable growth

For the fourth year running, the MyStandards User Group Meeting in SWIFT’s headquarters in Belgium brought together 38 representatives from 21 financial institutions for an interactive and insightful two-day event on 8 and 9 November 2016, where users came together to discuss and share experience as a community, as well as exchanging knowledge and challenges with the SWIFT MyStandards team face-to-face for best practices and future enhancements discussions.

Fabien Depasse, the newly appointed Head of MyStandards, welcomed the delegates and stressed the importance of the event for both SWIFT and the user community.

The MyStandards team gave the audience an update on MyStandards 2.1 development and latest status on the growing usage and content being shared on the platform with strong engagement from the community. Upcoming major milestones on the platform include a focus on further developing features such as Meta-data and Versioning that improve content management and usability of the platform. A series of small enhancements will also be delivered by end of 2016.

Following the launch of the ISO 20022 Harmonisation Charter with the industry last year, SWIFT continues its commitment in supporting the industry adoption of ISO 20022 by leveraging MyStandards as a central source for all ISO 20022 information. A great number of implementations from major Market Infrastructures around the world and Market Practices are published and available for all users to access on the platform. Going forward, MyStandards will offer a more comprehensive support for Business Application Header and Supplementary Data to ease the adoption even further.

Two break-out sessions on Best Practices and Versioning took place after the general updates, they offered users opportunities to discover tips and tricks on how to best leverage new features, as well as using the new versioning feature to manage the lifecycle of products and services within the users’ organisations.

Christian Sarafidis, Chief Marketing Officer at SWIFT gave an executive’s welcome to all participants on day two of the event: “Returning to this User Group meeting for the second year as CMO, I have the same message to deliver – Standards continues to be a fundamental part of SWIFT. Its importance is being witnessed across all of our latest initiatives, such as gpi (global payment innovation), compliance services and the enhancements on MyStandards remains to be an accelerator of ISO 20022 adoption. We hope that with our joint effort in developing and investing in industry standards and standards-related solutions, we will be able to support your business and the experience of your customers even better.”

Fabien Depasse, Head of MyStandards, presented the latest adoption figures of MyStandards in his State of the Community session. Before introducing the six speakers for their customer testimonial presentations, he set the scene by explaining the importance of working together as a Community to solve our common industry problems. He illustrated this by showing the drivers for the growing MyStandards adoption. Amongst these, he mentioned the continuous success of corporate onboarding, expanded use across different business units – such as custody - within organisations, enriched content being shared by MIs/publishers.

Different organisations, shared experience

Besides sharing the latest updates and development with the community, one of the most important elements that we want to bring to our community with our User Group events is to offer the opportunity for users to share experience, recommendation and exchange best practices with each other.

Six organisations presented their different use cases of MyStandards, the speakers were (from left to right):

  • Toivo Leedjärv, Business Analyst, CSD Products, Nasdaq
  • Raouf Soussi, Vice President, Corporate & Investment Banking, BBVA
  • Kerstin Schoenwitz, Senior Business Product Manager, Global Transaction Banking, Deutsche Bank
  • Catarina Marques, Project Manager, Core Product Development, Clearstream Banking Luxembourg
  • Daniel Anderies, Head of Global Instruction & Order Management, ING
  • Robin Leary, VP – Global Product Development Manager, Citi
"We’ve chosen to implement MyStandards to enhance the creation, maintenance and communication for messaging in our securities settlement technology. This enhancement greatly increases efficiency and effectiveness, enabling us to share and test several parallel specifications among multiple parties, including customers, developers and testers. MyStandards allows us to deliver a unified internal and external experience with harmonised and clearly communicated guidelines.”— Toivo Leedjärv, Business Analyst, CSD Products, Nasdaq
“Deutsche Bank’s customers can access MyStandards via our Autobahn App Market, a one-stop-shop to access bank-wide information and products, where MyStandards is available and integrated. In June 2016, the Readiness Portal functionality was launched, providing a single portal for all Deutsche Bank users with no additional administration efforts required. It also enables us to onboard clients faster thanks to the self-service capabilities that reduce bank format testing cycles and facilitate easier error identification. We have regular dialogues with SWIFT to extend formal rules, providing feedback for small enhancements and overall performance of the tool.”— - Kerstin Schoenwitz, Senior Business Product Manager, Global Transaction Banking, Deutsche Bank
“Unlike most of the other MyStandards users, Citi started adopting MyStandards with our securities services first. Our main areas of use are around Standards Releases, internal projects, such as T2S, branching opening, system development, and also for client testing. Over the past years, we have published 4,667 Usage Guidelines on MyStandards, out of which 2,376 are in Securities. We’re witnessing strong growth across all areas of use, including a 65% increase of individual institutions accessing Citi guidelines and 25% increase year-on-year for Citi internal members to use the platform.”— Robin Leary, VP – Global Product Development Manager, Citi

We are especially delighted to hear that users such as Deutsche Bank and ING are planning to extend their usage of MyStandards beyond the initial use case of corporate onboarding to the Securities space, which is a major milestone that shows the growing maturity of the platform and adoption for wider use that will benefit different end users.

The presentations are available for download here.

The Road to MyStandards 3.0 and product roadmap

After hearing and discussing with peers, the audience got a chance to be among the first group to catch a glimpse of MyStandards 3.0 and share feedback directly with the SWIFT team about the new features and improvements. High on the 2017 roadmap agenda are: Online UGE, role governance, ISO 20022 roadmap, usage guidelines hierarchies and community dashboards. The customer consultation process will be continued in the coming two months (from end of November 2016 to end of January 2017), where 25 institutions have already confirmed their participation. The MyStandards team will arrange separate discussion with each institution to gather comments, questions and responses to ensure the future development will meet the needs and expectations of the community.

Interested in participating too? Contact us at mystandards@swift.com and join us for the consultation.

Long term roadmap

In line with the tradition at our User Group events, participants were able to express their opinions and influence where we are going next with MyStandards beyond 3.0. After an exciting round of voting, the following three topics won the hearts of most users: Sample messages management; Reporting simulation; and Multi-UG validation. The team will be sure to include these themes in the future.

And that’s a wrap for this MyStandards User Group Meeting! We sincerely thank every of one of our users who have made it to see us at our office, we hope you’ve enjoyed the event and took something useful away that will help you and your colleagues leverage MyStandards, enhance your customer experience and grow your business even more.

We look forward to talking with you again in the near future during the customer consultation rounds and our quarterly update meetings.

See you all again next year!