The CLM should be future proof. Since systems all over the world are steadily moving towards 24/7 operation, with TIPS a leader in this respect, CLM design should anticipate potential future need for 24/7 operation. A future move to managing liquidity on a global basis should be taken into account in the design as well.
It is considered essential that the GUI provides at least the same functionality and efficiency as the existing ICM for TARGET 2 transactions.
It is also important that users have the ability to query available liquidity at both individual account and aggregate levels on all accounts for which they are responsible.
Migration to ISO 20022 is likely to be highly complex and require full end to end analysis since it will need to be coordinated and synchronised across the whole end to end chain involving not only the central system and participants but also in some cases participants’ customers. It is estimated that at least 3 to 4 years will be needed following finalisation of the UDFS and possibly longer dependent on further analysis. It will also be important to recognise that correspondent banking interfacing with RTGS may still be using FIN.
It is essential that sufficient information is provided to participants to enable them to be sure their back-office systems are providing up to date and accurate information. In order to achieve this, full information on message flows and structure is required as soon as it is available.
Finally, it is recommended that the choice of Network Service Providers is subject to a consultation with the whole user base.
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and the #Fintech Revolution
: Financial inclusion is on the rise globally, accelerated by mobile phones and the internet, but gains have been uneven across countries according to a new @WorldBank report
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