The A&S Strategy work published in 2006 provides an end vision for Accounting and Settlement in the London Market. It covers processes, data and implementation details to a level that enabled a detailed validation of the end vision to be undertaken and so avoid the critique of “Yes, but can it work in detail?”
A number of alternative high level end visions were considered by the MRG during the development of this strategy. The Peer to Peer (P2P) end vision was the most persuasive and allows extension to hub-based operation if necessary.
The documentation is not intended as a design specification, but rather contains implementation standards and guidelines that help ensure consistency across individual projects and in line with the end vision.
The Business Design parts of the document are intended to help firms by spelling out the process flows and message types by which the end vision can be achieved. It also spells out the principles underpinning data content of those messages. The Technical Information part of the documentation supports this with more detail and provides reference material for individual project initiatives.
The A&S Strategy Documentation comprises (Click here to download ):
- Processing Strategy Overview
- Premium Process Flows
- Claims Process Flows
- Technical Information
This documentation provides an end vision and technical details for accounting and settlement as at the time of publication. Implementers of ACORD messaging, particularly in areas related to accounting and settlement are encouraged to use this documentation for reference purposes. However, it should be noted that as work on individual initiatives progresses aspects of the strategy and some of the technical details may require revision. No revisions to these documents will be made. Such changes would be defined within the individual initiatives that have referenced the Strategy documentation.
Note that parts of these documents have already been incorporated into the ACORD standard. In particular the section on Message Management and some of the Detailed Data Specifications work in the Technical Information. No further plans are in place to promote other parts of the documentation into the ACORD standards.
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