What is phase two?
Phase two digital processing services will enable the market to work in a fully digital environment once the Digital Gateway risk service goes live (sequence five). This will provide capability to support fully digital placement of risk.
When to adopt phase two
Following adoption of phase one services, market participants can then choose when to move from phase one to phase two at a time that is right for their business, subject to a final cutover date which is yet to be confirmed.
We encourage you to adopt phase two digital services across all areas of your business simultaneously.
The simplest and most practical transition approach is to adopt phase two full digital services in a single block for all your business.
What is changing?
Understand the key changes that need to be implemented by market firms in phase two of Blueprint Two.
In addition to the changes as a result of phase one, there are four key changes for phase two. These need to be implemented by market firms in order to fully utilise the new digital processing platform, and to continue transacting in the London market.
Standards
- Ability to submit transactions through new standards (e.g. ACORD, EBOT and ECOT)
- Adoption of Core Data Record (CDR) data standards
Messaging
- Capability to receive processing outputs and notifications, including query management through ACORD standard, EBOT and ECOT messages
Automation
- Increased automation, with Velonetic technicians continuing to process, sign and settle transactions
New digital market services
- Access to the full digital service platform
- A new digital processing platform that will enable the creation of a digital record
