The on-going coherence of IBOS is assured by the existence of several workstreams, which are coordinated by the IBOS Central Office.
Each of these workstreams has the identity of a group of representatives from the banks and it meets at a given frequency and under a mandate. The mandate is either set in the Articles of Association or Board-defined.
These forums provide a strong, binding link between the members, who use their diversity in a constructive fashion to reach mutually beneficial decisions
The workstreams and the essence of their mandates are:
- Members – annual meeting to agree the Annual Business Plan and Budget, and to decide on major new initiatives
- Board of Directors – oversight of the Central Office and progress against the Annual Business Plan and Budget, implementation of Members’ decisions, decisions on issue raised by the Service Level, Business Development or Product Management streams
- Service Level – all functional, technical, and operational aspects of the services that are in production, response to suggestions for enhancements
- Business Development – all aspects of the sale and implementation of the services, critique of IBOS service set when measured against direct competition, suggestions and business case for enhancements
- Ad-hoc working groups to benchmark IBOS Association against issues in the external environment (e.g. SEPA) or to generate detailed proposals for enhancements or new services.