ISO 20022 Adoption Considerations & Survey For U.S. Wire .
ISO 20022 Adoption Considerations & Surveyfor U.S. Wire Transfer SystemsFederal Reserve Bank WebinarJuly 15, 2015July 23, 2015Gina Russo, Federal Reserve Bank of New York 2015 Federal Reserve Banks. Materials are not to be used without Federal Reserve consent.
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AgendaISO 20022 overview & exampleU.S. business case assessmentISO 20022 as a payments strategyISO 20022 scope considerations & customer impactOnline survey seeking input on ISO 20022 scope, approach & timingAppendix – ISO 20022 use cases for wire transfer systems 2015 Federal Reserve Banks. Materials are not to be used without consent.3
ISO 20022 OverviewWhat is ISO 20022 for payments?International Organization for Standardization (ISO) develops standards formany industriesThe ISO 20022 standards relate to financial messaging across major financialservices domainsRobust standard with room for additional payment-related information thatsupports the end-to-end flow of information about a payment from theoriginator to the beneficiary Payment initiation (corporate to bank) Interbank settlement (bank to bank) Cash management (bank to corporate) 2015 Federal Reserve Banks. Materials are not to be used without consent.4
ISO 20022 ExampleThe Fedwire Funds Service and CHIPS proprietary message formats contains 3 free-textaddress lines for each of the various party fields in the message.The ISO 20022 format uses XML syntax and contains discrete fields designed to containspecific address information.Fedwire Funds Service & CHIPS proprietary formatsAddress Line 1 (up to 35 characters)Address Line 2 (up to 35 characters)Address Line 3 (up to 35 characters) 2015 Federal Reserve Banks. Materials are not to be used without consent.ISO 20022 formatPostal Address PstlAdr AdrTp (4 characters) Dept (up to 70 characters) SubDept (up to 70 characters) StrtNm (up to 70 characters) BldgNb (up to 16 characters) PstCd (up to 16 characters) TwnNm (up to 35 characters) CtrySubDvsn (up to 35 characters) Ctry (2 characters)5
ISO 20022 Business Case AssessmentBackground Several major worldwide markets announced plans to adopt ISO 20022 in response to: Regulatory mandates Development of new systems Technology upgrades Determine if the U.S. payments markets should also adopt ISO 20022 to remain competitive. ISO 20022 Stakeholder Group working to address U.S. adoption: Engaged an independent consultant to objectively evaluate the business case for (or against)adopting ISO 20022 payment messages in the U.S. Assessment considered both domestic & cross-border payments for Fedwire Funds Service,CHIPS, FedACH and EPN services.ISO 20022 Stakeholder GroupFederal Reserve Bank of New YorkThe Clearing House Payments Company L.L.C.NACHA—The Electronic Payments AssociationAccredited Standards Committee X9—Financial Industry Standards, Inc. 2015 Federal Reserve Banks. Materials are not to be used without consent.6
ISO 20022 Business Case AssessmentConclusion Benefits are largely qualitative at this point and haven’t been fully realized. Difficult to define an overarching financial business case at the industry level In all cases, upgrade to ISO 20022 in other markets was part of broader technologyproject or regulatory mandate. Other markets were reluctant to share proprietary information regarding local businesscases. Momentum exists for ISO 20022 adoption among large global banks and largeglobal corporates. While there may not be a compelling financial business case at this time for U.S.PCS participants to adopt ISO 20022, there may be strategic reasons to do so. 2015 Federal Reserve Banks. Materials are not to be used without consent.7
ISO 20022 Business Case AssessmentStrategic Reasons to Consider ISO 20022 Adoption in the U.S. MarketStrategic ReasonDescriptionGlobal MomentumLarge U.S. corporates and banks are actively adopting ISO 20022 andthat is expected to continue.Global CompetitionCompatibility with the ISO 20022 format enables the United States tomaintain parity with other global markets and U.S. dollar clearingsystems in other jurisdictions that are adopting ISO 20022 messaging,which may help preserve the attractiveness of the U.S. dollar as aglobal currency.Cost Savings &Processing EfficiencyStandardizing message formats allows for consolidation of paymentsplatforms at banks and corporations, which could promote straightthrough processing and drive down costs. 2015 Federal Reserve Banks. Materials are not to be used without consent.8
ISO 20022 Business Case AssessmentStrategic Reasons to Consider ISO 20022 Adoption in the U.S. MarketStrategic ReasonDescriptionConsistent & RichDataWhile domestic formats support robust data content, ISO 20022 enablesall parties to leverage a common set of data dictionary elements to buildtransactions and messages under an internationally agreed approach.InteroperabilityA common format promotes ease of transacting domestically andglobally by using a single, open standard rather than multiple proprietarystandards.Agility to MeetEvolving RegulatoryNeedsThe ISO 20022 format provides for full originator and receiverinformation, allowing for improved regulatory reporting and monitoring.New, InnovativeProductsA common format across systems reduces the amount of changerequired to bring innovative new products and services to market. 2015 Federal Reserve Banks. Materials are not to be used without consent.9
ISO 20022 Business Case AssessmentRecommendations Employ a phased approach to ISO 20022 adoption to reduce risk and cost. To better educate and plan with the industry, the stakeholder group also agreed to conduct anassessment to identify specific use cases that could be addressed by ISO 20022 in the U.S.PhaseRecommendations1 – Planning & EducationPromote ISO 20022 educational efforts and develop a national strategyfor ISO 20022 adoption2 – Cross-Border PaymentsEnable ISO 20022 for cross-border wire payments, followed by crossborder ACH payments3 – Domestic PaymentsAssess value proposition and timing for adoption of ISO 20022 fordomestic wire and ACH paymentsAdditional ConsiderationUse ISO 20022 as the standard messaging format for new products andservices Consultant’s ISO 20022 Business Case Executive Summary is available on NACHA’s website. Must establish user ID & password and agree to terms of use to download report. 2015 Federal Reserve Banks. Materials are not to be used without consent.10
ISO 20022 as a Strategy for Improvingthe U.S. Payment SystemThe Federal Reserve Banks and The Clearing House have expressed intentions to adoptISO 20022 for the Fedwire Funds Service and CHIPS, but the scope, means and timing ofadoption have not yet been determined.Federal Reserve On January 26, 2015, the Federal Reservereleased the Strategies for Improving the U.S.Payment System paperhttps://fedpaymentsimprovement.org/. Strategy 4 of the paper (Achieve greater endto-end efficiency for domestic and cross-borderpayments) noted that: The Federal Reserve will continue to workwith the Stakeholder Group to express intentto support ISO 20022, with the timing,means, and scope of adoption to bedetermined once more-detailed work iscomplete. 2015 Federal Reserve Banks. Materials are not to be used without consent.The Clearing House Will continue to work with the ISO 20022Stakeholder Group. Has a strategy to develop a real-timepayments service, which will incorporate theISO 20022 message format.11
ISO 20022 Implementation Scope Considerations Adoption should include the end-to-end payment flow as follows:Payment Initiation(Corporate to Bank)Interbank Settlement(Bank to MarketInfrastructure to Bank)Payment Reporting(Bank to Corporate) Lesson from ERI is that you need adoption to be end to end to make it worthwhile. Should not separate domestic & cross-border, especially for corporations that sendboth types of payments (differs from consultant’s recommendation). Market infrastructure coordination needed. 2015 Federal Reserve Banks. Materials are not to be used without consent.12
ISO 20022 Implementation Scope Considerations Should adoption for the market infrastructures include just the payment message orall messages (i.e., advices, acknowledgments, inquiries, reports)?– If adoption is limited to payment messages, then legacy formats will still need to besupported, which could be costly over the longer term.– If adoption includes all messages, inquiries, reports, etc., the implementation will takelonger and likely be costly in the short term. Should adoption be “like for like” (i.e., ISO version of legacy formats) or includeenhancements? Sunset of legacy format needed to encourage adoption Need to minimize impact on smaller banks 2015 Federal Reserve Banks. Materials are not to be used without consent.13
ISO 20022 Implementation ImpactFedwire Funds Service CustomersFedwire Funds ServiceAccess ChannelISO 20022 ConsiderationsMake internalsystem changesvendor upgradesLearn newfield namesLearn newscreensStafftrainingUpdateinternalformsFedLine Direct XXXXXFedLine Advantage FedPayments ManagerImport/ExportXXXXXFedLine AdvantageFedPayments ManagerManual InputXXXXN/AOfflineXN/AXXN/A 2015 Federal Reserve Banks. Materials are not to be used without consent.14
ISO 20022 Wire Implementation ImpactCHIPS CustomersCHIPSAccess ChannelISO 20022 ConsiderationsLearn newfield namesLearn newscreensStafftrainingUpdateinternal formsMake internalsystem changesvendor upgradesCHIPS (proprietary interface)XXXXXCHIPS webXXXXX 2015 Federal Reserve Banks. Materials are not to be used without consent.15
ISO 20022 Implementation SurveyU.S. Wire Transfer SystemsWho is hosting the survey? The Federal Reserve Banks & The Clearing HouseWhat is the survey about? The survey will include questions about the scope, approach andtiming for adoption of ISO 20022 for wire transfer systems in the U.S.Where can I find the survey? The survey will posted to www.fedpaymentsimprovement.org. 2015 Federal Reserve Banks. Materials are not to be used without consent.16
ISO 20022 Implementation SurveyU.S. Wire Transfer SystemsWho should participate? Banks, corporates and vendors that would be impacted by ISO20022 format changes to the Fedwire Funds Service and/or CHIPSwire transfer systems.How long do I have to complete the survey? The survey will be available online through August 7, 2015. 2015 Federal Reserve Banks. Materials are not to be used without consent.17
ISO 20022 Implementation ScopeU.S. Wire Transfer SystemsWhat is NOT included? Fedwire Funds Service & CHIPS will retain proprietary networks. Fedwire Funds Service & CHIPS will not be offering SWIFTNet access option. 2015 Federal Reserve Banks. Materials are not to be used without consent.18
ISO 20022 Implementation SurveyU.S. Wire Transfer SystemsDo you use vendors or in-house development for the following?Banks FedLine Direct interface to the FedwireFunds Service Internal system that can create files toimport to and/or receive export files fromthe FedLine Advantage FedPaymentsManager Funds application Interface to CHIPS Front-end interface to corporate customers DDA system Cash management system with yourcustomers Compliance screening Other 2015 Federal Reserve Banks. Materials are not to be used without consent.Corporates Cash management system with your bankTreasury operationsAccounts payableAccounts receivableEnterprise Resource Planning (ERP)Other19
ISO 20022 Implementation ScopeU.S. Wire Transfer SystemsWhat type of payments? Domestic Cross-border BothWhich aspects of the wire systems? Transfer messages (value & non-value) & responsesInquiry requests & responsesBroadcast messagesStatements 2015 Federal Reserve Banks. Materials are not to be used without consent.20
ISO 20022 Implementation ScopeU.S. Wire Transfer SystemsWhich value-added enhancements should be considered?Extended Remittance InformationPayment TrackingInvestigation MessagesNone; initial adoption should be ISO 20022 version of legacysystems (“like for like”) Other 2015 Federal Reserve Banks. Materials are not to be used without consent.21
ISO 20022 Implementation ApproachU.S. Wire Transfer SystemsWhich ISO 20022 implementation approach do you prefer? Market convention using legacy formatsBig bangPhased Option 1 (phased receive; phased send)Phased Option 2 (big bang receive; phased send) 2015 Federal Reserve Banks. Materials are not to be used without consent.22
ISO 20022 Implementation ApproachU.S. Wire Transfer SystemsISO 20022ImplementationApproachMarket ConventionUsing Legacy FormatsDescription The market infrastructures (i.e., Federal Reserve Banks and TheClearing House) can work with the banks to develop a marketconvention for sending an ISO 20022 formatted message withinan existing free-text field (up to about 9,000 characters) of thelegacy Fedwire Funds Service and CHIPS formats. Banks would still need to complete the basic payment informationof the Fedwire Funds Service and CHIPS message formats. While the market infrastructures would not need to make anychanges to support the market convention and could support ittoday, banks (and their vendors) who wish to participate wouldneed to make programming changes to support the marketconvention. 2015 Federal Reserve Banks. Materials are not to be used without consent.23
ISO 20022 Implementation ApproachU.S. Wire Transfer SystemsISO 20022ImplementationApproachBig BangDescriptionMarket infrastructures would establish a sunset date for the legacyformats and require all banks to send and receive the ISO 20022format for the U.S. wire transfer systems on the same cut over day. 2015 Federal Reserve Banks. Materials are not to be used without consent.24
ISO 20022 Implementation ApproachU.S. Wire Transfer SystemsISO 20022ImplementationApproachPhased conversion toreceive ISO 20022,followed by phasedconversion to send ISO20022(“Phased Receive, PhasedSend”)DescriptionPhased conversion to receive ISO 20022 Market infrastructures would mandate that banks convert (over a conversionperiod) to “receive” only the ISO 20022 format for the U.S. wire transfer systems.During this phase, banks would continue to send only the legacy format and themarket infrastructures would convert the legacy format to the ISO 20022 format tosend to the receivers who can receive the ISO 20022 format.Phased conversion to send ISO 20022 Once all banks have been converted to “receive” the ISO 20022 format, the marketinfrastructures would mandate that banks convert (over a conversion period) to“send” only the ISO 20022 format. Once all banks have been converted to send only the ISO 20022 format, the marketinfrastructures would sunset the legacy formats. 2015 Federal Reserve Banks. Materials are not to be used without consent.25
ISO 20022 Implementation ApproachU.S. Wire Transfer SystemsISO 20022ImplementationApproachDescriptionBig bang to receive ISO Market infrastructures would mandate that banks convert (on the sameday) to “receive” only the ISO 20022 format for the U.S. wire transfersystems.Big bang to receive ISO20022, followed by phasedPhased conversion to send ISOconversion to send ISO Banks (who are ready) could also convert to sending the ISO 2002220022format for the U.S. wire transfer systems on the same day as above. Banks who need more time to begin sending the ISO 20022 format would(“Big Bang Receive,continue to send the legacy format and the market infrastructures wouldPhased Send”)convert it to the ISO 20022 format to send to the receivers. Market infrastructures would mandate a sunset date for sending thelegacy format so banks would need to convert to sending the ISO 20022format over a conversion period. 2015 Federal Reserve Banks. Materials are not to be used without consent.26
ISO 20022 Implementation TimingU.S. Wire Transfer SystemsHow much lead time do you need? 12 to 18 months19 to 24 months25 to 36 months3 to 5 yearsMore than 5 years 2015 Federal Reserve Banks. Materials are not to be used without consent.27
ISO 20022 Implementation TimingU.S. Wire Transfer SystemsWhat other initiatives compete for resources? RegulatorySecurity initiativesResiliency initiativesFaster paymentsInternal system upgradesNew productsOther 2015 Federal Reserve Banks. Materials are not to be used without consent.28
ISO 20022 Activities for U.S. Wire SystemsCompleteUpcoming Finalized use cases to articulate the keybenefits of ISO 20022 for wire transfersystems Online survey & webinars regarding ISO20022 implementation approaches for U.S.wire systems (July) Held two ISO 20022 education webinars onMay 19 and June 3 Reengage the Fed & TCH advisory banks(Summer) Held vendor meeting on May 27 to discussimplementation approaches AFP webinar for corporates (Summer) Held AFP webinar for corporates on July 1 SWIFT executive roundtable meeting onSeptember 16 Announce high-level plan and timeline toimplement ISO 20022 for U.S. wire transfersystems at Sibos 2015Note: Information about the ISO 20022 webinar registration, webinar recordings and online survey will be posted to fedpaymentsimprovement.org. 2015 Federal Reserve Banks. Materials are not to be used without consent.29
AppendixISO 20022 Use Casesfor Wire Transfer Systems 2015 Federal Reserve Banks. Materials are not to be used without consent.30
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseLimitations of Current Wire FormatsISO 20022 BenefitsCompliancewith domestic& globalregulatoryrequirements Name limited to 35 characters, which canlead to either data truncation or carryover data being mapped to other freetext fields.To comply with existing and evolving regulatory requirements,complete origination and beneficiary name and addressinformation is critical. The ISO 20022 format has characteristicsthat make it easier to identify full name and address information inthe payment message. Specifically, the ISO 20002 format: Free-text address fields. No discrete field for country code, whichmakes regulatory screening forsanctioned countries more difficult. Includes consistent, user-friendly field names and has discretefields to support specific data elements, several of which can becritical for proper regulatory screening (e.g., structured addressfields, including a country code). Provides more capacity to allow for longer names (i.e., up to140 characters) to reduce data loss, which is critical for properregulatory screening and can improve straight-throughprocessing. Provides banks that act as intermediaries with an effective wayto identify missing information in cross-border wire transfers toenable them to take actions accordingly in a timely manner. 2015 Federal Reserve Banks. Materials are not to be used without consent.31
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseLimitations of Current Wire FormatsDomestic The Fedwire Funds Service and CHIPS wireinteroperabilitypayment systems and SWIFT messagingbetween U.S. wiresystem have propriety message formats.systems and SWIFT While the formats are mostly interoperable, eachformat has its own unique field tag names &characteristics. Banks that participate in more than one systemmust maintain mapping routines to ensure thatdata is mapped correctly between systems.ISO 20022 BenefitsMoving to a common ISO 20022 format for both wiresystems in the U.S. that would be compatible with theISO 20022 messages that could be carried on theSWIFT network could reduce or eliminate the: Gaps between different systems. Need for banks to maintain mapping routines toaccommodate different formats. Whenever wire format changes are made,banks must update all systems or developmarket conventions for mapping to or fromsystems that haven’t changed. 2015 Federal Reserve Banks. Materials are not to be used without consent.32
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseCross-borderinteroperabilityLimitations of Current Wire FormatsISO 20022 BenefitsAs other markets outside the U.S. adopt ISO 20022 Adoption of ISO 20022 in the U.S. could:payment messages, banks and their corporatecustomers engaged in global trade will need to Make it easier for global banks and corporates tomake system changes to accommodate the ISOconduct transactions across different markets.20022 upgrades in those markets. Reduce costs associated with having to maintainLack of cross-border interoperability could lead to:multiple formats to accommodate markets thathave not yet adopted the ISO 20022 payment More cross-border payments migrating tomessage format.offshore dollar clearing arrangements capable ofconducting transactions in the ISO 20022 Prevent migration of U.S. dollar payments toformat.offshore clearing arrangements or othercurrencies, which may help the U.S. dollar remain Counterparties deciding to conduct transactionsattractive as a global currency.in other currencies in markets that have alreadymigrated to ISO 20022. 2015 Federal Reserve Banks. Materials are not to be used without consent.33
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseLimitations of Current Wire FormatsISO 20022 BenefitsSingle end-to-endpayment file formatOn the payment origination side: Some corporations send commingled paymentfiles (i.e., in EDI 820 or ISO 20022 format) toinstruct their banks to make various paymenttypes (e.g., wire, ACH, check). The banks then need to convert theseinstructions to the appropriate format for therespective payment system, which todayinvolves separate formats for wire, ACH, andchecks.The ISO 20022 format: Has sufficient data fields to support a single,uniform format for both high-value, low-value, andemerging real-time retail systems. On the payment receipt side: Banks need to be able to receive differentformats from the market infrastructures. Banks then need to convert those instructions toother formats (e.g., BAI format or proprietaryformat) to deliver payment information tobeneficiaries. 2015 Federal Reserve Banks. Materials are not to be used without consent.Contains fields that are common across the suiteof ISO 20022 payment messages so that thesame information can be carried end to endthrough the payment chain as follows: Payment initiation (corporate to bank) Interbank settlement (bank to bank) Cash management (bank to corporate)Could allow corporations, banks, and marketinfrastructures to exchange payments in the sameformat regardless of the type of system they areusing to process the payment.34
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseConsistent formatfor extendedremittanceinformation (ERI)Limitations of Current Wire FormatsISO 20022 BenefitsThe U.S. does not have a uniform format for ERI:ISO 20022 provides a consistent format for ERI for allparties in the payment message, which could: ACH systems use both legacy ERI formats (i.e.,EDI, STP 820), as well as XML and ISO 20022 REMT 001 structured remittance. ERI for wire payments was introduced inNovember 2011, but adoption has been limited.Make end-to-end adoption easier.Increase the likelihood that when an originatorsends ERI, the beneficiary can receive andprocess it. Numerous ERI formats prevent uptake of ERI ina consistent way because banks, corporations,and their vendors need to make changes tosupport and maintain each format. 2015 Federal Reserve Banks. Materials are not to be used without consent.35
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseEnd-to-endpayment trackingLimitations of Current Wire FormatsEach party to a payment transaction has limitedvisibility into the end-to-end transaction flow toensure the payment was successfully processedfrom the originator to the beneficiary. 2015 Federal Reserve Banks. Materials are not to be used without consent.ISO 20022 BenefitsThe ISO 20022 payment and cash managementmessages: Contain structured messages (e.g., statusmessages, return messages) to support real-timepayment tracking and reporting. Can enable banks to more easily provide theircustomers with information about the status oftheir payments.36
ISO 20022 Use Cases for U.S. Wire Transfer SystemsUse CaseLimitations of Current Wire FormatsDiminishing legacyresourcesAs seasoned format experts change jobs or retire,maintaining staff with expertise on legacyproprietary formats becomes more challenging andcostly. 2015 Federal Reserve Banks. Materials are not to be used without consent.ISO 20022 BenefitsUpgrading to a modern, XML-based, common formatfor payment messages could expand the knowledgebase of formatting experts in the payments industry.37
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NoticesThe Financial Services logo, “Fedwire,” “FedACH,” “FedLine Direct,” “FedLine Advantage” and “FedPayments”are registered service marks of the Federal Reserve Banks. A complete list of marks owned by the FederalReserve Banks is available at FRBservices.org.“ISO” is a registered service mark of the International Organization for Standardization.“CHIPS” and “EPN” are registered service marks of The Clearing House Payments Company L.L.C.“SWIFT,” “SWIFTNet” and “Sibos” are registered trademarks of S.W.I.F.T. SCRL.“iPad” and “App Store” are trademarks or service marks of Apple Inc.The Federal Reserve Banks do not sponsor, endorse or recommend (or provide any warranties, express orimplied, regarding) any third party or any third-party products or services referenced in this presentation. Allsuch references are provided solely as a convenience for webinar participants. 2015 Federal Reserve Banks. Materials are not to be used without consent.39
payments service, which will incorporate the ISO 20022 message format. 11 . The Federal Reserve Banks and The Clearing House have expressed intentions to adopt ISO 20022 for the Fedwire Funds Service and CHIPS, but the scope, m
Deutsche Bank Foreword Most banks will have already started their journey as they migrate to the new messaging standard of ISO 20022, while Market Infrastructures (MIs) push ahead with their own preparations. Of course, all this will not happen overnight: the ISO 20022 migration will
Bacs' stated aim is to adopt ISO 20022 standards where it is appropriate, and a suitable business case can be made. Recognising these factors, Bacs sees value in providing guidance for organisations that wish to access Bacs services using an ISO 20022 message interface. This document achieve s that by providing the
In addition, the Official Corporate Action Event Identification (CA ID or COAF as it is known in ISO 20022) is a unique event reference for the event, and is assigned by a designated body within each market. DTC publishes the Official Corporate Action Event Identification on DTC eligible securities on its ISO 20022 messages.
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Nacha, ISO 20022, XML, ASC X12 820, ASC X12 835, ASC X12 Data Segments, UN/EDIFACT, Nacha-endorsed banking conventions ISO 20022 Proprietary, Nacha, Debit Card ISO 8583 ISO 8583 ISO 8583 Nacha Payment Messaging Standard Same Day Immediate 24/7/365 Same Day for Debit Card, 1-2 Days for
ISO 18400-107, ISO 18400-202, ISO 18400-203 and ISO 18400-206, cancels and replaces the first editions of ISO 10381-1:2002, ISO 10381-4:2003, ISO 10381-5:2005, ISO 10381-6:2009 and ISO 10381-8:2006, which have been structurally and technically revised. The new ISO 18400 series is based on a modular structure and cannot be compared to the ISO 10381
STM32 MCUs listed in Table 1. Outsourcing of product manufacturing enables original equipment manufacturers (OEMs) to reduce their direct costs and concentrate on high added-value activities such as research and development, sales and marketing. However, contract manufacturing puts the OEM's proprietary assets at risk, and since the contract manufacturer (CM) manipulates the OEM's intellectual .
