 I'll drop the link in the Zoom chat when it's posted. Nice one. So this will be available also later on YouTube. Yeah, as soon as the meeting's over, okay, here. I'm gonna put the YouTube live stream in the link in the chat and just so you know, there's also a chat on the live stream page. So you wanna keep an eye on that as well to see if there are questions there. Thank you so much. Perfect. You're live now. Great, perfect. Thank you. So two things before we start. Administrivia, one, we are bound by the antitrust policy of Linux Foundation, which just means that we don't engage in collusive activity according to law of wherever we are. Second is a court of conduct, which is basically we treat each other with respect. Even when we are disagreeing with people, we are not disagreeable. These are the only two rules. And after that, after this little short administration, then I introduce Mario Raichel, Dr. Mario Raichel and Anya and Anya Camping, both from PPI, Mario is managing consultant, I think, and Anya is senior consultant. And Anya is focused on the innovation and such things and Mario is an old hand at ISO 2022 and the payments infrastructure. So I leave presentation to them and please everybody, could you please mute, mute if you're not speaking? I'll make you co-host so you can help manage. I mean, otherwise we're gonna have a mess here. Okay, I'm gonna mute Fami, which I did, and everybody else who's not speaking, please go on mute. Thank you. Go ahead, Mario and Anya, it's your meeting now, and I hope to make it without much disturbance by muting people who are not speaking. Thank you. Mario, you're not. Thank you very much, Vipin. I would share my screen now. Oh, yeah, great. And then I will hand over to Mario. Thank you. Thank you, Vipin, thank you, Andrea. I'm, we feel honored and I'm thrilled to give that talk to that large group. Some of the names I recognize and some new people. Nice to meet you all. So we want to talk about the beauty of ISO 2022. Yeah, let me introduce first myself and then later a few words about Anya. I'm with the PPI for more than two years, but in payments more than 20 years. By now starting with a software house, then a short break in debt in a FinTech company called Traxpay. You might have heard about it. Then it was in a Swift Service Bureau working for them in an outsourcing environment for payments, of course. And now I am a consultant at PPI. I can represent and, yeah, represent and being active in industry bodies and market practice initiatives that I did, yeah, over the last more than 10 years. In some of that I can tell you about that's actually part of that talk. We have a little agenda on the next slide. Yeah, that's a very short introduction of our company. Then I will present you a basic overview of ISO 2022 and Anya will give you our view, basic overview of digital currencies. And then you will see how that all comes together. So let us start with a short introduction of PPI. On the next slide, PPI was founded in 1984 in Hamburg. And now we have offices in many German cities, but also in Zurich, Milano and in Paris. So we are a European focused company consulting and software development. And that's more or less about payments. Since the early 2000s, we started in communication in payments and we are in Europe, Central Europe, very much known about subject ebics. But on the next slide, you will see that we are not just about payments. We also, especially in Germany, we are consulting company for broader aspects of financial institutions and insurances in matters of risk, treasury, compliance and all that kind of stuff. With our latest parts, PPI crossing, our collaboration lab for cross sector technology driven services in buzzwords AI, RPA and other latest developments. We provide the layer for innovations in other units. But more or less about payments on the next slide, you can see what we cover in payments. That is on one side, consultancy. That's where Anja and I work. Anja is in that next generation payments unit and working with fancy things like blockchain and cryptocurrencies she will talk about later on. And I'm working in those cross section between consultancy and products. Our traffic suit is covering the whole value chain from the communication that was our beginning, but now also with central payment processing at the bank with our flagship product traffic payment hub, especially designed for ISO 2022 data layer inside and for instant payments working on. So yeah, that's enough for the introduction. Let us dive into ISO 2022 that is very much of our daily business right now because all the banks are talking about. As banks, we are migrating to ISO 2022, not just in domestic payments in Europe. We have that since 2008 in SEPA, but now we are migrating the high value payments, RTGS, like target two, Euro one, step one, also CHAPS, and so on, they all move to ISO 2022. And next to it, you might have heard about it that correspondent banking is also moving ISO 2022. And 2025, we hopefully are all done and then we will look for new challenges. The history all started in the early 2000s. We have on the next slide coming from many national formats in the payment arena. In the payment initiation with many different room for remittance information, what a corporate is especially interested about. So we had countries where you had, let's say 140 free tax characters, or only a few like countries with eight or 12 characters remittance information, that's not much. And many different items and data elements. Out of that, the initiative called Twist Treasury Workstation Integration Center Team developed the idea of a unified core payment kernel, having all the data elements for all payment initiations all over the world, coming from CHECK to electronic and all different means, including data elements for regulatory reasons. That kind of stuff, putting that all together and coming to a message format that then was the basis for the ISO 2022. In 2003, an MOU was signed by Twist, IFX, OIG and Swift to develop further on that core payment kernel. In 2004, we had the birth of the standard ISO 2022. Of course, there was an organization built around that. ISO 2022 ISO, as you may know, is organized in different technical committees for financial services, the so-called Technical Committee 68 is managing all that and defined the ISO 2022. Yeah, build the registration management group and the standard evaluation group and all that is published and available all different messages on the ISO2022.org website. Swift as an organization became the registration authority and is managing a lot of that stuff around that standard. It was soon chosen in Europe at the area as the banks were defining the single euro payment area, so-called SEPA and coming from those many different domestic formats, we had to choose a new format so that no country had an advantage over the others. And EPC, the European Payment Council that was founded for building up the SEPA and the rule books and all that stuff. They decided in 2006, so very much the same time to go for a data model according to ISO 2022 and had chosen for XML and the launch was in 2008. Yeah, and that was just the beginning. Now we have on the next slide an overview. Now you could get the impression that ISO 2022 is an XML message format, but it's not. It's rather the idea of globally uniform standard to define messages. It's a data dictionary, a repository. It is talking about the business data dictionary and data flows and coming from those elements defining the messages that are then consistent for the different use cases. On the next slide, we have a short overview that ISO 2022 is of course supported by Swift as a registration authority and the service provider providing all the messages on that website as shown. By now we have more than 650 different messages in many different areas. We will come in a minute about that. ISO 2022 is a single standardization approach, a methodology used by financial standards initiatives and central financial repository of data elements that are used in different use cases in different not just messages in the, it is so to speak a language, overall financial businesses. And Swift is not mandating a migration. It is supporting all the communities to decide if and when they want to migrate. We have seen that since 2006. We have more or less every year a change cycle, a release cycle in the ISO 2022 messages. And we will see that has its own beauty. ISO 2022 is not just XML as I mentioned before. There are different available syntax and representation layers like that ASN one standard that some of you might heard about it. But I'm sure many of you heard about the JSON representation of the language of API. And also here in the JSON representation you can transport either XML or data elements. And if you go here and if you go here then you also can talk in the data, with the data elements in the language of ISO 2022. And that makes that new standard or not so new standard best fit for future developments as well. On the next slide, I have brought to you a little diagram where generic ISO 2022 messages is not the biggest quantity. The larger quantity of messages, message formats, message definition is the so-called MX. This abbreviation MX is drawn from the Swift MT message type abbreviation where we in payments know about the MT103, the customer payment or the MT202, the bank-to-bank transfer and the MT940 statement. And Swift is for example, going and define new MX messages by the need of different communities in the Swift world. There are not just living payment messages in the so-called category 1 MT1XX or category 2 MT2XX, but also we have the category 3 for foreign exchange and money market messages we have the famous trade services messages, the category 7 and reporting the category 9 and of course the securities messages, the category 5. And in all those areas, by now there are equivalents, more or less ISO 2022 messages, but they are, let's face it, by the definition, by the data model, that big coming from the idea that we have a unified language for financial messaging all over the world. And so it might be too big for a domestic market or for a certain community. And soon there was a need for harmonizing the implementation of ISO 2022 messages and one of those first harmonization initiatives was CGI, Common Global Implementation. That is a free initiative of, a free initiative of corporate banks and vendors in the corporate to bank space and they took the idea of ISO 2022 messages in SEPA to the global approach. Then later on the market infrastructure took the idea and said that's a great language, ISO 2022. Let's think about how we can transport financial information, but in an harmonized way. And they founded the initiative HVPS Plus. HVP comes from high value payments and in that initiative you have market infrastructures like the European Central Bank with their T2 target two system. You have EBA clearing, Euro one. You have CHEPS in there. You have CHEPS, the Fed from the US as you have Singapore, Canada and many more. And they defined a subset of payment messages in ISO 2022 by their needs for high value payment systems for real-time gross settlement functionalities. And target two is so to speak a subset. There is a similar picture for CGI. Anya, would you please click? Another click? Right. So that light blue bubble could be the set of all CGI market practice usage guidelines. And the green one then would be the local bank implementation guideline for corporate. But via that guidelines, a corporate can have a multi-bank user experience all over the world. And now SWIFT started the project after a consultation of their members and they said, hey, let's go all to ISO 2022. And they founded the harmonization, the usage guideline group. It's called CBPR plus. And CBPR stands for cross-border payment and reporting. And that is because SWIFT is going to discard all the category one and two and nine MT messages out of their SWIFT network in an phased approach. It starts with the SWIFT release November 2022 and November 2025. We then have all over the world ISO 2022 payment messages. Maybe some exceptions anyway. And the latest harmonization initiative is called IP plus that's an instant payment or also called real-time payments. And they look how to use that beautiful message standard to leverage in the real-time payment world. Next slide, please. After all that harmonization, we can look at those different usage of ISO 2022 messages. And the first thing I learned 20 years ago if you want to talk about payments, you have to look into the so-called four-corner model. There you have a debtor and the creditor and the debtor bank and the creditor bank. And if the debtor initiates a payment, the debtor bank has to find its way to transport the information and the money to the creditor bank and they would report that incoming payment to the creditor. With SEPA, we got that additional bubble in the four-corner model. It's called Clearing and Settlement Mechanisms, CSM. And there it was kind of custom that such a clearing and settlement mechanism is an automatic clearinghouse where not every debtor bank and creditor bank have a bilateral relation, but they are all more or less direct or indirectly connected to an ACH and automatic clearinghouse. And yeah, the biggest in pan-European one is, for example, step two, by EBA Clearing taking care of the reach for all SEPA payments in Europe. That way for clearing and settlement from the debtor bank to creditor bank in a global international view is a bit bigger. There you still have your correspondent banking relationships because if you have a foreign currency payment from the debtor to the creditor, then you don't settle that such a payment domestically in your country. The money has to flow in the country of the money so therefore from the debtor agent, the debtor's bank in the country of the debtor usually has to send a payment message to their correspondent bank, so-called Intermediary Bank, in the country of the currency and they would hand over to the correspondent bank of the creditor agent via an RTGS in that country of the currency and transport the money and the information towards the creditor agent and then they would credit the creditor. And right now many of those errors are empty messages, MT103, MT202, MT940, but as I mentioned with the CBPR plus initiative, we will move all that to beautiful ISO 2022 messages. And what does it look like? Let's have a look into the next page where an ISO 2022 message, I mentioned some of them already in the former slide, Payne 001, 002, 003, I have intentionally used a message with three different numbers, namely the first four characters of a message in XML according to ISO 2022 is a so-called business domain. And Payne as a business domain is a payment initiation, a Pax message is a payment clearing settlement, that's the equivalent of an interbank message. Yeah, CEPA started 2008 using Payne Pax and CUM cache management business domain messages. Target two already in 2007 founded WentLife, has already many XML messages in their so-called application-to-application services. T2S, Target Two Securities, a service for settlement of security flows in central bank money in different currencies, is working with many, many business domains already in ISO 2022. And the automatic clearinghouse by Deutsche Bundesbank, so-called CEPA Clearer SCL, is also handling their directory in an ISO 2022 message format, the so-called ROX, that's rooting for clearing and settlement. And there you can see many, many different business domain. We even have the T-SIN messages in the intent lower corner for trade service initiations. And just recently I was told that this message is used already live in some banks. Yeah. The GPI Tracker messages, TRCK, is an example for an MX message that is not ISO 2022. Such a message definition, Swift is bringing to the financial community in order to move their GPI Tracker and trace services to the ISO 2022 world. Okay. Let's dive into some examples. What is the beauty all about ISO 2022 messages? On the next slide, I show you a little bit about the granularity. We have many different instruction ideas, so-called end-to-end reference. We have the famous UETR, the unique end-to-end transaction reference. That's the reference Swift introduced with their GPI initiative in 2016 in the MT world. And as I mentioned, this functionality is moved to Swift ISO world with the CBPR plus migration. A big challenge is migrating address data to structured address information. And this little example with the Cuba sports bar in drill is the example. If you have that Cuba sports bar at Ocean Drive, California, on just a free text address, four lines as 35 characters, then you certainly have a hit in the sanctions screening because the buzzword Cuba is somehow suspicious. And then a clerk has to look into that and can see that Cuba is not the country and not even the country code, but it is a name. And if you transport information in granularity like this, you can avoid those false positive hits and come to a much more frictionless payment experience. Let's have this much on the pain and granularity level. On the next page, we have an example for the richness of the data we can transport in ISO 2022. Let's think about that we have a single credit transfer that shall settle several invoices and a credit note and a discount. If you want to bring this in a remittance information field, free text, four lines as 35 characters, you have to use abbreviations and certainly the ERP system at the credit side will have its challenges. But with structured remittance information that beauty brings ISO 2022, we have dedicated fields for dedicated invoice numbers and code words for commercial invoices and credit notes and so on. As we can see here in that example, that brings a level of richness and on the other side granularity that makes that format machine readable from end to end. And I used to say that in banking business, if banks talk about end to end, they usually talk about account to account, but in an corporate and a B2B world, I would rather see end to end as ERP to ERP. So the payment initiation comes out of an ERP system into a payment file is transported via banking channels and then leads to a statement that then is imported into an ERP system and all invoices are checked. Let's see on the next slide that that kind of information has to be transported and the little picture on the right-hand side is not to be read, it's much too small, but it shows the XML tree, often financial message by the standard ISO 2022 and you see the granularity and the different texts and sub-trees where you can transport information. And this is comparable to logistics inventing the container and not to transport every single barrel from the harbor to the ship or vice versa. That's the different thing in the beauty of ISO 2022 and much more because we do not define just messages but business flow. We do not consider the happy flow in Pax 8 that is transported for credit transfer from debtor bank to creditor bank but we also cover returns, rejections and many other so-called art transactions and even a recall that might be necessary and the positive or negative answer to a recall is covered by different messages in ISO 2022 and via that you have a much higher rate on STP and STP straight through processing not only in terms of payment processing but also in terms of exception and investigation as you easily can imagine. And the clearing and settlement mechanism that is in between, a little word about that, the clearing is of course only the sorting of different payment items in the bulk file Pax 8 to different channels. For example, in an automatic clearing house sorting all the items to different direct respectively indirect participant but also takes care about settlement and the settlement is taken either in central bank money if the clearing house is the central bank itself like target two is or is done via liquidity management mechanism for the step two or the SIPA clearing system that is to be done in the SIPA area at least. If not, if it is not settled in central bank money you have commercial bank money where the correspondent bank has a banking relationship and an account servicing institution and then the money is settled via those accounts. To hurry up a little bit, let's have a look into the next slide and look into the next slide into the transport of information. For me, payments is about transporting money but sometimes even more important than transporting information and doing so by a message standard like ISO 20 or 22. We have a uniform set of data elements that can travel from the ERP via the payment initiation via a payment hub in a bank to the interbank space via central clearing and settlement mechanism to the payment hub of the creditor bank to the accounting system in that bank. Usually the information has to go through the accounting system and then arise the statement and at the very end it arises the ERP system where it has to go to. In former times we had trade services or trades pictured in that left-hand side and now since the 60s, since the container was invented we have a revolution in logistics seen over the last years and growing and speed and richness that we could have in payments in financial messaging with that messages. Hi, Mario. Yes. Maybe we have to give Anya a chance to talk about her stuff. So could you please switch over? The last slide. Anya, skip the next one. The next one. Harry, I'm sorry. Yeah. And click here to show the XML is moving around and if we talk about cryptocurrency we could talk about the wallet to wallet payment flow. And this is the buzzword for Anya for her slides. Yeah. Thank you very much, Mario. And also thank you for the invitation and for having the chance to talk in this hyper ledger event here tonight. Just a short introduction of myself. My name is Anya Camping. I'm a senior consultant at PPE since 2019. Before I was an SAP consultant in the banking area and at PPI with our unit consulting payments I'm concerned with innovative payment topics especially with blockchain, crypto and digital currencies. We call them next generation payments. We have put the main focus of our presentation on ISO 20.022. And Mario mentioned in his part the four corner model. You see it here. And this is how conventional payments are working with intermediaries and corresponding banking and all the different stages. And now we switch to innovation and payments. I will go to the next slide. Yeah, you see here, crypto currencies somehow enable person to person or wallet to wallet payments. We call them W to W payments. And yeah, these are payments without having involved any intermediaries such as banks or other financial institutions. And this is why it is so fascinating. You see it here on the right side of the slide. Banks and financial institutions are literally fade away in this case of crypto transactions. So you have here only peer to peer wallet to wallet payments. Yeah, and yeah, this is why Bitcoin is also so fascinating as to mention an example of a cryptocurrency. But before I come to tell you more about digital currencies and the terms behind them, I would like to start with a short overview of the history. So I will go on to the next slide. Because in my point of view, this helps to get an understanding of where all this comes from. So you have here a kind of historical overview. And you see here that we have a kind of four phases. Indeed, Bitcoin marked a very important step. But the idea behind Bitcoin is not new. For example, David Chalm already invented a kind of cryptocurrency which was called DigiCash in 1989. And DigiCash transactions had the future of being anonymous due to cryptographic protocol. And this was invented by David Chalm. And yeah, I would say this is a phase in the history which I would call the origin. Yeah, with the Bitcoin White Paper in 2009, the phase of cryptocurrencies somewhat began. So the booming phase of the cryptocurrency Bitcoin marked an important change. And the interest in digital currencies literally exploded. Therefore, I would call this phase the phase of cryptocurrencies. This is here the second phase. Yeah, what makes cryptocurrencies interesting is technology with blockchain and or to use a more general term with distributed ledger or DLT. It is possible to enhance and simplify business organizational processes and even the involved payment processes. Therefore, private institutions and also companies began to examine the possibilities around this new technology. And this is the phase of DLT platforms and applications. And also here we have in 2016, very important, the hyperledger launch. Yeah, and in the past few years, you can see a very interesting evolution. And this is the kind of back to digital currencies. Recently, central banks worldwide identified their intentions to create an own digital form of money, which is called a central bank digital currency, or just shortly CBDC. And in my opinion, this is mainly due to the announcement of the DM association. You may have heard of it. Yeah, they wanted to introduce an own private digital currencies, which would be available to everyone worldwide and could be used as a means of payments. For example, with your Facebook account. And since DM can pose a risk to financial stability, central banks somewhat intensified their intentions to create a feasible alternative for the public. So kind of digital form of central bank money, which comes directly from the central bank. So we have this important phase now with central bank digital currencies. To go into the next slide. As I've said, you have different kinds of digital currencies, and it is important to distinguish between them. So a good starting point is the digital money flower, which was created by the Bank of International Settlements, and this provides a very good overview. So you have digital currencies, which are issued by the private sector. This is for example, number one or number two. For example, number one, we have public cryptocurrencies, which yeah, for example, like Bitcoin. This means there are no limitations and everybody can access the cryptocurrencies. But we also have, and this is a point two in this diagram. We have cryptocurrencies which are commissioned. Either the cryptocurrencies restricted to a certain group or to have an access to this currency. You have to provide a suitable verification of your identity. And yeah, it is very important to make the difference between these private solutions. So between one and two and between CBDCs, which are point three, four and five, because a CBDC would be a digital form of money which is issued by central banks, not the private sector. So CBDC can be designed in different ways. For example, a CBDC can be accessible to everyone, for consumers as well, for corporates. So this is the so-called retail or general purpose CBDC. Or on the other hand, a CBDC can be designed to be used only for Hosei payments. So only for the interbank area. So the excess would be restricted only to banks and financial institutions. And this is the so-called Hosei CBDC. Yes, and we also have another difference in the design. For example, you can have a token-based variant of a CBDC and a token-based system. The CBDC is created as a token with a specific denomination. The transfer of a token from one party to another can be compared with the process of handing over a banknote from one person to another. Or if you look into the digital money flower here, you have here, for example, cash. And you also see that this is also token-based, but not digital because cash is, you can call it like a kind of physical-based form of a token. You can also have an account-based design and with an account-based design, verifying the identity of the payer is required. So it is possible to have a CBDC account directly at the central bank. So me and you, as normal consumers, can have a CBDC account directly at the central bank. Or this is another way you can have a CBDC account at an intermediary, for example, at your house bank. And yeah, this was just a short glimpse at this very interesting topic of digital currencies. And yeah, I hope that I was able to provide you a basic understanding. And if you have any questions, my colleague, Mario and I, I'm very happy to give you answers. Thank you, Ania. That was very clear and definitely exhaustive discussion. I mean, from my side, it was a very good one. I appreciate it. I'll leave it on to the attendants to make questions, gentlemen. And also another reminder that we have to relinquish the room at... Yes, in a very few minutes. In four minutes. Yeah. So I should thank Mario and Ania for showing up and doing an exhaustive review of ISO 20 or 22. I know that it's very detailed, so it's difficult to ask questions. We could talk for hours, I think. Yes. I feel sorry that I overdid. No, no, no. Only a few minutes, yeah. They have to see something, Mario. It was a very interesting one. Yeah, that's the thing. If you feel enthusiastic about something, then you can talk. Andrea and Mario and Ania, it's Eugenia here. I want to share my suggestion. I was actually attending yesterday the live event from Bank International Settlement where they were illustrating a different approach for providing interoperability by CBDC in which essentially the second approach where essentially there were interlink between different national projects involving CBDCs. So 2022 were enlisted as one of the best operative standards for providing transmission of information over the DLT infrastructure. So I was wondering if you were aware about that and if you maybe have some suggestion to implement this statement. I personally, I was not aware of a live event of yesterday at the Bank of International Settlement. There is so much going on. I was aware that the base was providing room for the CPMI, the central payment for the market infrastructure. They discussed last week about the correspondent banking system and the need for enhancements because of all the problems and all the regulatory burdens of KYC and so on. Some areas, some countries, some currency corridors are drying up on correspondent banking relationships. There are different studies on that and now central banks discussing on the G20 level about what could be done about that and it's an idea called Ampluz where central banks help in that area by connecting RTGS, cryptocurrency, especially CVDC central bank digital currencies and therefore enhancing, especially remittance services on an international level. Unfortunately, we have come to the end of this very interesting hour and we have to relinquish the room to the next... Exactly. I would like to thank myself as well, Mario and Ania and not too soon, everybody. This was a very interesting joint meeting. I hope to do more in the future. Thanks, everyone. Thank you, Mario. Thank you, Ania. We'll be happy to follow up.