ISO 20022 payments messaging adoption rate increases
Majority of central banks uphold plans to transition by 2025
Central banks appear to be making marginal improvements in embracing the ISO 20022 messaging protocol, data from the Payments Benchmarks 2023 suggests.
In the preceding benchmarks, less than 10% of respondents (just three institutions) said they had upgraded their real-time gross settlement (RTGS) infrastructure to ISO 20022. Although the dataset this year varies from the past year’s, seven institutions, or 25% of respondents say they are now compliant.
Central banks that are yet to upgrade
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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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