Whilst the completion of the last T2S migration wave was ongoing in 2017, the SMPG has carried out an in-depth analysis in some of the main European markets on how market claims detection and compensation processes are supported by ISO messages through the whole chain of intermediaries.
This analysis has revealed a vast disparity in the messages that are being used but also an even greater disparity on how the fields and codes are used in same messages.
Moreover, based on the European standards and T2S functionality, the SMPG has identified five business needs in the market claim processes that are not currently supported by ISO Messages.
Therefore the SMPG believes that at least 2 new ISO messages (ISO 20022 and 15022) should be created in the medium term (target date 2020) to cover those needs to ensure a better cross-markets harmonisation whilst short term the SMPG will create new recommendations to ensure an harmonisation of the fields and codes used in current messages.
Download the white paper here: SMPG White Paper on Harmonisation of Market Claim Messaging