Less than 10% of RTGS systems meet ISO 20022
Most non-compliant central banks plan to implement messaging protocol by 2025
The adoption of ISO 20022 messaging for real-time gross settlement (RTGS) systems among central banks remains low. But this looks set to change with 88% of respondents to the Payments Benchmarks 2022 that have not yet adopted ISO 20022 planning to integrate the data standard by 2025.
As of mid-year 2022, just 8% (3 central banks) of the 36 respondents to this section of the benchmark confirmed adoption. However, just over half (52%, or 17 central banks) of the 33 respondents that have not
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More on Payments
Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
RTGS systems are used free of charge in one-tenth of jurisdictions
RTGS systems are used free of charge in one-tenth of jurisdictions
Median RTGS system processes nearly $100bn annually
Median value of payments rose by $15bn from the previous benchmark
Primary RTGS systems have average $1.65m in operating costs
Majority of central banks increased payments system divisions budgets in the past year
Payments oversight is under-resourced for a third of central banks
Respondents identify shortage of human capital, capacity building and dated technology as concerns
Few non-banks have access to RTGS systems
Maximum number of institutions reported to have access to one RTGS system was 233
Most central banks have payment and settlement supervision mandates
Payment system laws contain oversight powers in two-thirds of jurisdictions
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