List view2019-12-19T15:03:28+00:00

Australia

AUSTRALIA Currency: Australian  dollar (AUD) RTGS: RITS - The Reserve Bank Information and Transfer System Message format currently in use: SWIFT MT ISO migration planned? Timeline: Timeline: Starting April 2019, The Bank of Australia (RBA) and the Australian Payments Council (APC) issued a series of consultation papers concerning the ISO migration. Their intention was to ensure the migration project is undertaken in a timeframe that does not pose any risk to the payment system and that appropriately considers the broader objectives of long-term opportunities for the industry. In February 2020, the RBA and APC published [...]

Bangladesh

BANGLADESH Currency: Bangladeshi Taka (BDT) RTGS: RTGS - Bangladesh Bank Payment Service Division Messages format currently in use: XML ISO20022 ISO migration planned? Timeline: Live, since 2015 Governing body of the migration: Central Bank of Bangladesh Message format: not documented

Brazil

BRAZIL Currency: Brazilian real (BRL) RTGS: STR - Reserves Transfer System Message format currently in use: TBD ISO migration planned? Timeline: Official timeline not yet communicated Governing body of the migration: Banco Central do Brazil (hereafter BCB) Migration? A survey conducted by BCB on the needs, difficulties and perceptions of the market regarding the adoption of internationally accepted standards and procedures revealed considerable variation in standardization cultural level and knowledge among market participants. Based on this conclusion, BCB conducted along 2015 a series of actions to spread knowledge on the subject, among which: a meeting held in [...]

Brunei

BRUNEI Currency: Brunei dollar (BND) RTGS: RTGS - Autoriti Monetari Brunei Darussalam system Messages format currently in use: XML ISO20022 ISO migration planned? Timeline: Live, since 2015 Governing body of the migration: Autoriti Monetari Brunei Darussalam Message format: not documented

Canada

CANADA Currency: CAD RTGS: LVTS - Large Value Transfer System Message format currently in use: SWIFT MT ISO migration planned? Timeline: LVTS will be replaced by the new Lynx system in August / September 2021, initially supporting SWIFT MTs only. Lynx will migrate to ISO 20022 starting November 2022. Payments Canada is still developing an on-boarding approach for ISO messages with the new system, and will share further details with the participants in due time.[1] Proprietary “Standard 005” format, in use for batch payments (for ACH-like low value payments) will eventually migrate to ISO [...]

China

CHINA Currency: Chinese Yuan equals (CNY) / Renminbi (RMB) RTGS: CIPS - China Cross-border Inter-Bank Payment System Message format currently in use: CIPS format based on XML ISO20022 ISO migration planned? Timeline: Live, since 2015 Governing body of the migration: People’s Bank of China Coexistence vs Big Bang approach: N/A Like-for-like vs Enhanced content: not documented  

Colombia

COLOMBIA Currency: Colombian Peso (COP) RTGS: CENIT (Electronic national compensation interbank) Messages format currently in use: XML ISO20022 ISO migration planned? Timeline: Live, since 2007 Governing body of the migration: Banco de la Republica Message format: not documented

Denmark

DENMARK Currency: Danish krone (DKK) RTGS: Kronos2 for DKK payment and Target2 for EUR payment Message format currently in use: SWIFT MT Coexistence vs big Bang approach: Big Bang approach ISO migration planned? Timeline: For the payment settled in EUR, it will go through Target2 which will migrate in November 2021, therefore it will be a Big Bang approach, see above for the specifications. Concerning the payment settled in DKK, it will go through Kronos2. For Kronos, there is no sign of a potential migration to ISO20022. Based on a report published in 2016 by the [...]

Egypt

EGYPT Currency: Egyptian pound (EGP) RTGS: RTGS - Central Bank of Egypt Messages format currently in use: SWIFT MT ISO migration planned? Timeline: Official timeline not yet communicated Governing body of the migration: Central Bank of Egypt Message format: not documented

Eurozone

EUROZONE Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Breaking news (28/07/2020): Following requests by the European financial community and the subsequent survey conducted by the AMI-Pay and AMI-SeCo among a wide range of market stakeholders and in light of the challenges posed current pandemic and SWIFT's decision to delay the cross-border messaging migration to ISO 20022, the Market Infrastructure Board has reviewed the timeline of the T2-T2S consolidation project and has concluded that postponing its go-live by one [...]

Hong Kong

HONG KONG Currency: Hong Kong dollar (HKD) RTGS: CHATS - Hong Kong Interbank Clearing Message format currently in use: SWIFT MT ISO migration planned? Timeline: 2023 Governing body of the migration: Hong Kong Interbank Clearing Limited which is owned by Hong Kong Monetary Authority and Hong Kong Association of Banks. Message format: not documented

India

INDIA Currency: Indian rupee (INR) RTGS: NG-RTGS Message format currently in use: XML ISO20022 ISO migration planned? Timeline: Live[1], since 2013 Governing body of the migration: Reserve Bank of India Message format: a set of guidelines and documents can be found on the Reserve Bank of India website [1] https://www.swift.com/resource/swift-standards-masterclass-india-presentation-2019

Indonesia

INDONESIA Currency: Indonesia rupiah (IDR) RTGS: BI-RTGS Messages format currently in use: BI-RTGS format ISO migration planned? Timeline: In the latest blueprint made available by the Bank Indonesia regarding their payment system with a 2025 horizon, they state that the migration to the ISO 20022 format will take place in 2023 as part of the new BI-RTGS system go-live [1] Governing body of the migration: Bank Indonesia Message format: not documented [1] https://www.bi.go.id/en/publikasi/sistem-pembayaran/riset/Documents/Indonesia-Payment-Systems-Blueprint-2025.pdf

Japan

JAPAN Currency: Japanese Yen (JPY) RTGS: BOJ-Net, Zengin Net (domestic), Zengin EDI (ZEDI) (domestic) Message format currently in use: ISO 20022, the Bank of Japan launched on 13thOctober 2015, the new BOJ-NET which includes the adoption of XML ISO20022 for greater interoperability. ISO migration planned? Timeline: Live, since 2015 Governing body of the migration: Bank of Japan (BOJ-Net), Japanese Bankers Association (Zengin Net) Coexistence vs big Bang approach: N/A Like-for-like vs Enhanced context: Enhanced content   History: Before the ISO20022 migration these payments and settlement systems had a dual existence, where the Zengin executed [...]

Jordan

JORDAN Currency: Jordan dinar (JOD) RTGS: RTGS-JO Message format currently in use: XML ISO20022 ISO migration planned? Timeline: Live, since 2015 Governing body of the migration: Central Bank of Jordan (CBJ) Message format: not documented

Malaysia

MALAYSIA Currency: Malaysian ringgit (MYR) RTGS: RENTAS - Real Time Electronics Transfer of Funds and Securities Messages format currently in use: SWIFT MT ISO migration planned? Timeline: An article on Bank Negara Malaysia’s website states the following: “The second element is standardisation, which can improve efficiency and foster the development of new services. For instance, adoption of ISO20022 may provide opportunities for innovations, enhanced fraud and financial crime detection, and improved straight-through processing. To harness the full benefits of ISO20022, Bank Negara Malaysia will undertake an industry-wide consultation to develop a holistic migration strategy covering both [...]

Mexico

MEXICO Currency: Mexican peso (MXN) RTGS: SPEI - Sistema de Pagos Electrónicos Interbancarios Message format currently in use: SPEI format (domestic) + SWIFT MT (cross-border operations via CLS) ISO migration planned? Timeline: No indication of migration to ISO20022 of the SPEI system. At the time of its launch Banco de Mexico evaluated the possibility of adopting other standards, such as ISO 15022, but bandwidth restrictions and message size caused our cost-benefit analysis to favour a proprietary protocol. Nowadays, the messages are still considered as very efficient by the central bank and it carry the necessary information [...]

Myannar

MYANMAR Currency: Burmese kyat (MNK) RTGS: CBM-NET FTS Messages format currently in use: TBD ISO migration planned? Timeline: Official timeline not yet communicated but the migration is under discussion. Governing body of the migration: CBM (Central Bank of Myanmar) Message format: not documented

Namibia

NAMIBIA Currency: Namibian dollar (NAD) RTGS: NISS - Namibia Inter-Bank Settlement System Messages format currently in use: SWIFT MT ISO migration planned? Timeline: No formal date has been published. However, the PAN shows a real involvement for the ISO20022 migration. Governing body of the migration: PAN (payments association of Namibia) Message format: not documented

New Zealand

NEW ZEALAND Currency: New Zealand dollar (NZD) RTGS: ESAS - Exchange Settlement Account System Message format currently in use: SWIFT MT ISO migration planned? Timeline: ESAS’s plan for the year 2020 (ending the 30 June 2020) is to work with the industry on planning for material business changes such as 365 day banking and implementation of SWIFT 20022.[1] We understand that ESAS is investigating or will investigate for the migration of ISO 20022, so for the time being no migration is in the pipe. Governing body of the migration: Central Bank of New Zealand [1]https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Markets-and-payments/esas/ESAS-annual-report-2019.pdf?revision=8adcef6f-03c7-412f-b0c6-73b54d24ff8f  

Norway

NORWAY Currency: Norwegian krone (NOK) RTGS: Norges Bank’s settlement system Message format currently in use: SWIFT MT ISO migration planned? Timeline: Official timeline not yet communicated Governing body of the migration: Bits AS is the financial infrastructure company of the bank and finance industry in Norway. Their purpose is to ensure a safe and efficient payment infrastructure for financial payment transactions and related information. Coexistance vs Big Bang approach: TBD Norway is already a member of SEPA payment while it is not a country of the European Union. All SEPA (Single European Payments Area) compliant messages (including SCT, [...]

Philipinnes

PHILIPINNES Currency: Philipinnes Peso (PHP) RTGS: PhilPass Messages format currently in use: SWIFT MT ISO migration planned? Timeline: 2021 Governing body of the migration: Bangko Sentral NG Pilipinas Message format: not documented

Poland

POLAND Currency: Polish zloty (PLN) RTGS: SORBNET for urgent domestic payments in PLN and Target2 for high-value/urgent domestic and cross-border payment in EUR. Message format currently in use: SWIFT MT Coexistence vs big Bang approach: Big Bang approach ISO migration planned? Timeline: Target2 plans to migrate on November 2021. Governing body of the migration: European Central Bank TARGET2 Messaging format: The European HVPS messaging format has been published by the ECB and is available in MyStandards in the T2 RTGS group. Access is automatically granted if requested. The current latest version is UDFS 2.1, which was [...]

Russia

RUSSIA Currency: Russian rouble (RUB) RTGS: BRPS-BESP (Central Bank of the Russian Federation) Message format currently in use: SWIFT MT[1] ISO migration planned? Timeline: Anticipated deadline starts on Q1/2023.[2] Governing body of the migration: The Central Bank of Russia Federation Message format: not documented [1]https://www.cbr.ru/Content/Document/File/72210/SPFS_2019_eng.pdf [2]https://www.gtb.db.com/docs_new/CB-ISO-20022-Whitepaper_v5.pdf

Singapore

SINGAPORE Currency: Singapore dollar (SGD) RTGS: MEPS+ (Monetary Authority of Singapore Electronic Payment System) Message format currently in use: SWIFT MT ISO migration planned? Timeline: planned in 2021[1].MonetaryAuthority of Singapore is in the process of consultations with the banking industry on the adoption of ISO 20022[2] Governing body of the migration: Monetary Authority of Singapore (MAS) Message format: not documented [1]https://www.accenture.com/_acnmedia/pdf-109/accenture-iso-20022-opportunities-apac.pdf [2]International Monetary Fund – Singapore Financial assessment program.

South Africa

SOUTH AFRICA Currency: South African rand (ZAR) RTGS: SAMOS Message format currently in use: SWIFT MT ISO migration planned? Timeline: The migration is likely to happen in 2023, but as of today no starting date has been officially announced. Governing body of the migration: South African Reserve Bank Message format: not documented

South Korea

SOUTH KOREA Currency: South Korean won (KRW) RTGS: BOK-Wire+ Message format currently in use: Proprietary message format of Bok-Wire+ ISO migration planned? Timeline: No timeline has been set out for the time being. Following a paper from Accenture, we understand that Bok-Wire+ will go for a migration of ISO20022, however no time line or timing has been released. We assume that the project is under discussion. Furthermore, no information have been found on MyStandards or Bok-Wire+ web site. Governing body of the migration: Bank of Korea

Sweden

SWEDEN Currency: Swedish krona (SEK) RTGS: RIX Message format currently in use: SWIFT MT ISO migration planned? Timeline:  Sweden has already moved to ISO20022 for LVP and RTP, but no official statement for High Value payments.  

Switzerland

SWITZERLAND Currency: Swiss franc (CHF) RTGS: SIC - SIX Interbank Clearing / EuroSIC Message format currently in use: XML ISO 20022 ISO migration planned? Timeline: Live, since 2016 Governing body of the migration: Swiss Financial Centre Initiative Coexistence vs Big Bang approach: N/A Like-for-like vs Enhanced content: enhanced content   Message format Message format can be found under SIX’s website Clearing System identification code: this field is mandatory and allowed to identify the clearing system in a coded form as published in an external list. This cannot be mapped into MT message format. Member identification: this is a [...]

Taiwan

TAIWAN Currency: New Taiwan dollar (TWD) RTGS: CIFS - Central Bank of the Republic of China (CBC) Interbank Funds Transfer System Message format currently in use: SWIFT MT ISO migration planned? Timeline: No information found about a potential migration. Governing body of the migration: The Central Bank of the Republic of China.

Tanzania

TANZANIA Currency: Tanzanian shilling (TZS) RTGS: TISS - Tanzanian Inter-Bank Settlement System Messages format currently in use: SWIFT MT ISO migration planned? Timeline: Official timeline not yet communicated Governing body of the migration: Bank of Tanzania Message format: not documented

Thailand

THAILAND Currency: Thailand baht (THB) RTGS: BAHTNET (Bank of Thailand Automated High-value Transfer Network) Message format currently in use: SWIFT MT ISO migration planned? Timeline: The Payment Systems Roadmap No. 4 has been approved by the Payment Systems Committee (PSC)2 and the National e-Payment3 Master Plan Steering Committee. The BOT will implement the plan through cooperation with related entities, especially the Thai Bankers’Association, the Association of International Banks, the Government Financial Institutions Association, the Thailand Electronic Payment Trade Association as well as government and business entities, to ensure that the plan’s objectives will be achieved effectively. [...]

Turkey

TURKEY Currency: Turkish lira (TRY) RTGS: TIC-RTGS (Turkish interbank Clearing Real Time Gross Settlement System) Message format currently in use: SWIFT MT (cross-border operations) ISO migration planned? Timeline: No information found about a potential migration.

United Kingdom

UNITED KINGDOM Currency: Pound sterling (GBP) RTGS: CHAPS Draft message format: The CHAPS HVPS messaging format has been published by the Bank of England and is available in MyStandards in the Bank of England group. The current version is a DRAFT version. ISO migration planned? Timeline: Introduction phase will start in the first half of 2022, on a ‘like-for-like’ basis, to anticipate SWIFT’s adoption of ISO 20022 later that year. It will followed by an enhancement phase in the first half of 2023. A final maturing phase is foreseen as of 2024. Governing body of [...]

USA

UNITED STATES OF AMERICA Currency: US dollar (USD) RTGS: Fedwire (Federal Reserve’s Real Time Gross Settlement System) Message format currently in use: Fedwire Funds Transfer Message ISO migration planned? Timeline: The United States’ migration program for CHIPS and Fedwire, which originally targeted a phased approach (like-for-like ISO from Q1 2022, enhanced ISO from Q4 2023) has come under criticism from banks and the Payment Market Practices Group (PMPG) alike. PMPG and global transaction banks urged the Fed to review their strategy, and to implement a big-bang approach, as soon as possible after November 2021, [...]

Vietnam

VIETNAM Currency: Vietnamese Dong (VND) RTGS: IBPS - Inter-Bank electronic Payment System / HVSS - High Value Settlement System Messages format currently in use: SWIFT MT ISO migration planned? Timeline: 2025 Governing body of the migration: The State Bank of Vietnam Message format: not documented