The Exchange uses agreed ACORD messaging standards to ensure a common framework and guidelines for all electronic communication within the London market. The Exchange seeks to drive market standards and therefore will not accept non-ACORD messages.
Structured information sent electronically will be validated against the agreed versions of the ACORD standard. Users are notified where validation has failed ensuring the common use of the standard.
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Using ACORD standards a number of benefits can be achieved, including;
Which ACORD version will be used?
This link details the ACORD standard versions supported on the Exchange
It is a requirement that any organisation intending to directly connect to the Exchange is ACORD certified. This includes IT service providers and also managing agents and brokers that connect direct via internally developed systems.
The Exchange has successfully passed the ACORD Hub Certification.
ACORD Test Harness
The ACORD Test Harness is a live application which organisations can interact with in order to test and certify their implementations of ACORD messages.
The Test Harness has two modes - Message-only Testing and Business Trading Partner Testing:
Message-Only Testing simply checks your XML message to ensure it passes Schema and Business Rules required by the ACORD Standards.
The Business Trading Partner Testing allows you to interact with the Test Harness as a "virtual" business partner, enabling you to send ACORD messages to the Test Harness for validation and receive responses indicating acceptance or error(s). The Test Harness can also send messages to you and accept your responses.
Getting certified via the Exchange
Certification can be achieved via a direct connection to the Test Harness or alternatively organisations can connect via the Exchange, the latter option means the process will be in line with how an organisation subsequently uses the Exchange.
ACORD is the primary point of reference for all enquiries relating to ACORD certifications.
Please refer to the ACORD website for further information.
Full Press Release here
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