The Bank of Jamaica has given financial institutions 4 years to adapt as it co-ordinates Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025.
This in a bid to enhance end-to-end efficiency for payments. Adoption of the ISO 20022 standard should improve payment processing efficiency and promote interoperability among financial institutions, financial market infrastructures and end -users.
ISO 20022 is a multi-part International Standard that enables a common global “language” for the development of messages in the payments, cards & related financial services, securities, foreign exchange trading, derivatives & trade services sectors. Clearance systems will be updated to facilitate both the ISO 20022 standard and the current SWIFT MT standards by the second quarter of 2023. This is to allow participants to transition at their own pace. The BOJ will facilitate coexistence of the ISO 20022 standard with the current SWIFT MT standards until November 2025. (BOJ)
Extract from CARICOM BUSINESS Newsletter Vol 5 No 15
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