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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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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