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ViaNova Working Group urges standardisation
January 10, 2013
Idea Group chaired the first ViaNova Working Group of 2013 on 15th January at BlackRock’s Drapers Gardens office.
The consensus of the meeting was that the volume of Straight Through Processing (STP) orders continues to grow. Where standardised ViaNova business rules and ISO 20022 messages are used, new connections can be made very quickly. Adopters of ViaNova had seen significant benefits, including reduced risk and increased operational efficiencies.
However concerns were raised that with the phasing out of older ISO 15022 messages this year, many firms may move to the use of ISO 20022 messages without taking into account existing market practices. This could lead to unnecessary duplication of effort and increased operational risk.
This year the ViaNova Group are urging their colleagues across the industry to look at standard market practices when moving to ISO 20022 and will be working together to publicise the message.
Steve Wallace of Idea Group summarised “In Idea Group we care passionately about the standards which have helped our clients and the industry at large to maximise the benefits of STP.
As the principal author of ViaNova, we have been delighted at the extent of its uptake. The key strength of ViaNova is that it clearly defines message usage and market practice. If an organisation chooses to adopt the ISO 20022 message set without applying ViaNova practices I can’t help but think that it will dilute benefits both for that organisation and for the industry as a whole”.
Steve is happy to provide further information on ViaNova, STP, or other market practices covering electronic messaging. Please contact email@example.com.
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