“The ISO 20022 migration represents a step change in the global payments landscape. Its adoption in SA is a pivotal marker in the country’s efforts to renew and modernise its domestic payments infrastructure.” – SARB
The South African Reserve Bank is pioneering Africa’s adoption of the International Organisation for Standardisation financial messaging standard ISO 20022.This, as the central bank announced it is remodelling the country’s payment ecosystem, necessitated by the rapid development of disruptive technology, evolving cyber threats, increased regulation and demands from customers for faster, more cost-effective payments.
The migration, the SARB says, will also pave the way for faster payments through the introduction of the Rapid Payments Programme , which is expected to be launched in 2023. The central bank says the move to ISO 20022 – being driven through the Society for Worldwide Interbank Financial Telecommunication – will introduce a harmonised message exchange mechanism for payments across the globe, “allowing for richer, better-quality data in payment processing and settlements”.
“Though the ISO 20022 migration represents a step change in the global payments landscape, its adoption in South Africa is a pivotal marker in the country’s efforts to renew and modernise its domestic payments infrastructure, including our domestic real-time gross settlement system – the South African Multiple Option Settlement system.”
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