SGSS completes migration to ISO 20022 standard
Societe Generale Securities Services (SGSS) has completed the migration to the ISO 20022 (MX) standard for its routing and centralising of UCITS orders in France.
The new SWIFT ISO 20022 standard for the funds activity defines the international standard for subscription and redemption orders and is part of a more general worldwide movement in the funds industry, being driven in particular by French institutions.
Use of this standard in the framework of the SWIFT messaging system will become mandatory in 2015.
SGSS migrated its routing and centralising of UCITS orders in France to this new standard in close collaboration with Euroclear between October and December 2012.
“This illustrates SGSS’s flexibility and capacity to pre-emptively adopt new technologies to offer its customers state-of-the-art services,” the firm said.
This adoption of the ISO 20022 (MX) standard in France follows a range of developments, including SGSS successfully obtaining ISAE 3402 certification for its internal control system and ISAE 3000 certification for control of departments producing Key Investor Information Documents (KIIDs).