The race to adopt ISO 20022 payments messaging
Some do not plan to adopt the protocol, while others are preparing for a disjointed implementation
The Payments Benchmarks 2022 found that 80.5% of participating central banks expect to implement the International Organisation for Standardization (ISO) 20022 messaging format for real-time gross settlements (RTGS) in their jurisdiction within the next three years. While central banks in many nations have embraced or are planning to adopt the enhanced messaging protocol, not all nations are likely to migrate to the non-mandatory standard.
After a multi-year awareness campaign on the initiative
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