Limited adoption of ISO 20022 messaging in RTGS systems

Around a fifth of central banks said they use the emerging payments messaging technology

ISO 20022 is an emerging global standard for bank payments messaging. Payments services provider Swift is the registration authority. 

The standard seeks to establish a common language and model for payments and transaction data to improve speed and compliance. The standard also has scope to reduce costs and the need for manual interventions due to increased data quality and automation. 

Surprisingly, central banks have not widely adopted ISO 20022 messaging in their real-time gross settlement

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