Electronic message set & standards - TISA Exchange | TEX TISA Exchange

The TeX Service Level Agreement requires that all TeX members (Participants) transacting electronically will communicate between one another using a set of portfolio transfer messages as follows:

Where messages are sent and received by clients of the same system they may be in the format used by that system as long as they achieve the relevant business intention.

Where systems providers have bespoke links between them, and both Participants agree to exchange re-registration messages via these links, the messages may be transmitted in any format agreed between the systems providers as long as they achieve the relevant business intention.

In all other cases where messages are sent outside a system they must comply with the ISO 20022 standard as reflected in the UK Electronic Transfers & ReRegistrations Group (UKETRG) and UKFMPG Conversions Group (Conversions Group) guidance.

Where Participants are sending transfer messages electronically, all correspondence that would otherwise be sent between the Participants by post or fax must be suppressed. This does not affect the provisions in the Contract Terms, which allow Participants to communicate non-electronically where there is an Exceptional Circumstance.

Where the relevant Participants have an established electronic messaging capability, all instructions and correspondence related to the transfer (as defined by the UKETRG and Conversions Group market practices) must be sent electronically unless otherwise agreed between the counterparties.

Documentation

The latest versions of standards and documentation are available through the links below.

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SMPG Information and Documentation

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UKETRG Market Practices and Documents

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UKFMPG Conversions Market Practice

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Further Technical Information (SWIFT)

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Electronic systems address

Please see below for more information on the electronic systems address:

Electronic systems address

An electronic systems address is a standard business identifier and parameters that enable companies to communicate electronically with one another.

1. What Electronic Systems Address information is required by TeX?

For all TeX member companies transferring electronically, a business entity (participant) BIC and a SWIFT DN is required. This information is shown in a standard format within the TeX register for all relevant member companies.

Additional electronic systems address information may be shown as required along with any additional notes relevant to the transfer process.

2. Where do I get an Electronic Systems Address?

This information is provided by SWIFT for direct SWIFT customers or an electronic solution provider such as Actuare, Calastone, Equisoft and Origo.

TeX member companies using a third party administrator may be able to obtain their electronic systems address information directly from them.

3. What is a BIC?

BIC stands for business identifier code and is an international standard for the identification of institutions within the financial services industry. BICs are used in automated processing.

The ISO 9362 standard specifies the elements and the structure of a BIC which consists of eight (BIC8) or eleven (BIC11) continuous characters. These characters comprise either the first three, or all four, of the following components: institution code, country code, location code, and branch code. The International Organization for Standardization has designated SWIFT as the BIC registration authority.

4. What is the format of an Electronic Systems Address?

An electronic systems address required for electronic transfers is in 2 parts: a BIC8 or a BIC11 (participant address) and, in the case of SWIFT, a DN (technical address and communications method).

Participant Address – The identifier of the entity which is a party to the business transaction specific to UKFMPG and ISO 20022, but independent of the method of communication. The identifier is used in the message contents. The identifier can be a BIC8 or a BIC11, but preferably a BIC8 and it cannot be both. If a BIC11 is used, the BIC8 within the BIC11 would ideally be the same entity.

Technical Address and Communications Method – The method and communications address to which the message should be sent or received. In the case of SWIFT, this is a SWIFT DN (Distinguished Name) which includes the SWIFT member’s (the direct SWIFT user’s) BIC8 and possibly other details specific to the Participant but the DN does not need to be Participant specific i.e. the same communications address may be used for multiple participants.

Valid SWIFT examples include:

ParticipantId=PLTAGB21, Method=SWIFT, Address=”ou=tex,o=syspgb22,o=swift”
- i.e. own BIC8 + 3rd party shared DN
ParticipantId=PLTAGB21, Method=SWIFT, Address=”cn=pta,ou=tex,o=syspgb22,o=swift”
- i.e. own BIC8 + 3rd party DN possibly participant specific
ParticipantId=PLTBGB22, Method=SWIFT, Address=”pltbgb22,o=swift”
- i.e. own BIC8 (SWIFT connected) + own DN (not specific to re-registration)
ParticipantId=SYSPGB22PTC, Method=SWIFT, Address=”cn=ptc,ou=tex,o=syspgb22,o=swift”
- i.e. 3rd party BIC11 (with BIC8 of the BIC11 being 3rd party) + 3rd party DN possibly participant specific
ParticipantId=SYSPGB22PTC, Method=SWIFT, Address=”o=syspgb22,o=swift”
- i.e. 3rd party BIC11 (with BIC8 of the BIC11 being 3rd party) + 3rd party shared DN
ParticipantId=PLTDGB22, Method=SWIFT, Address=”o=syspgb22,o=swift”
- i.e. own BIC8 (SWIFT connected) + 3rd party shared DN (participant not using own SWIFT connection)

Notice authentication on SWIFT is only between the BIC8s in the DNs of the technical sender and receiver.