eFinancial Services Technical Committee (eFSTC)

The eFinancial Services Technical Committee (eFSTC) tracks and facilitates major projects in the financial services industry, in particular the ISO 20022 standards for financial services messaging. ISO 20022 will help enable straight through processing for securities settlement, thus improving processing efficiency while reducing errors.


TC composition and structure

eFSTC has the following main composition:

TC Chairman

Mr Amod Dixit
Managing Director
Regional Head, Investors & Intermediaries, ASEAN
Wholesale Banking
Standard Chartered Bank

The TC comprises the following Working Groups (WGs):

i. ISO 20022 Payments Working Group
 


International Standards Participation

The TC represents Singapore as a ‘Participating’ or ‘P’ member of ISO TC68 on ‘Financial Services’.

* P-members participate actively in the work and have an obligation to vote on all questions submitted to vote within the technical committee. 


Singapore Standards Under eFSTC

SS 611: 2016 Singapore Standard for ISO 20022 Corporate-to-Bank Payment Initiation and Payment Status

List of banks and their bank channels (e.g. SWIFT, Internet Banking [IB], Host to Host [H2H]) that supports SS 611:

Organisation System Ready
By Q3 2016
 
Supported
Channel
BAML TBC SWIFT, IB, H2H
Crédit Agricole CIB By Q1 2017 SWIFT
HSBC Yes SWIFT, IB, H2H
J.P. Morgan Yes SWIFT, IB, H2H
OCBC Yes SWIFT, IB, H2H
Standard Chartered Yes SWIFT, IB, H2H
UOB TBC TBC
CIMB By Q4 2017 IB







Note that DBS (Singapore) has been certified by SWIFT to support ISO 20022 (pain.001 and pain.002).

 Yes
Support Standard
Support Standard
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