Settlements Working Group Details

On 1 May 2005, Version 1.0 of the Settlement Instructions standard achieved formal status. This brought to a conclusion the first round of work conducted by the Settlements working group. Round one focused on defining the data set that is exchanged between Lender and Settlement Agent at the point of instruction. It defines a full data set that enables a lender to replace its existing manual instruction process (whether by fax, email or mail) with an electronic LIXI transaction. Version 1.0 of the standard is in use by a number of lenders and settlement agents.

A further round of work on the standard was proposed in June 2005 but did not continue due to lack of engagement. The proposed scope of that round was to define discrete data packages for status/backchannel messaging across the entire settlement process. A number of parties are already exchanging data in this way using the Version 1.0 standard with extensions.

Convenor: Technical Director

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