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What is not changing?

Instructions on what is not changing for managing agents in phase two

The following things are not expected to change. However, insurers are recommended to test them during market self-testing.

  • All solutions going live in phase one are planned to remain available in phase two without any changes to their existing interfaces. The Market Gateway (ASG Adept), IPOS and ICOS portals, Direct Settlement and reports will remain in place, and phase one functionality will be unchanged.

  • The IMR will still be in place and unchanged during phase two. DRI messages to the IMR will still happen via the Market Gateway (ASG Adept), as in phase one.

  • Phase one messaging via EDI, CWT and Writeback will remain available in phase two with no changes. It is Velonetic’s (previously London Market Joint Ventures’) intention to discontinue EDI messages, but a sunset date has not been announced. Similarly, the longevity of Writeback after phase two goes live is to be confirmed, but there are currently no plans for decommissioning Writeback.

  • SFTP will continue to be available. In Sep 2023, Velonetic will share the specific steps required to access files via SFTP on the new infrastructure. This is expected only to require a configuration change by the insurer.

  • The manual processes around cash payments, delinked payments, and instalments will be the same as today. EBOT has established protocols to support all three from a submission perspective. Please refer to the EBOT guide for more information. 

  • Settlement methods Central Settlement and Direct Settlement will remain unchanged from phase one, and insurers will keep using the same bank accounts. Central Settlement is not changing and will still work via STFO for Lloyd’s and RBS for the company market.

  • Daily netting of premiums and claim settlements for all counterparties will continue for Central Settlement, just as it works today and in phase one.

  • Netting off services will remain unchanged for phase two. Therefore, elements such as the Currency Conversion Service (CCS) will still exist and will still have the same currencies as today. Exchange rates will be updated as frequently as they are currently. 

  • Direct Settlement will support more than 100 currencies and will use live exchange rates.

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