Central Banking

RBA begins push for ISO 20022 payments migration

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The Reserve Bank of Australia and the Australian Payments Council have launched a consultation on how to migrate the payment system to the ISO 20022 standard, before older messaging standards are discontinued.

Payments messaging service Swift is planning to discontinue several categories of messages for cross-border payments and correspondent banking, and migrate them to the interoperable ISO 20022 standard in 2025. The RBA and APC plan to work with the industry to develop proposals and

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