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What is ISO 20022?
ISO 20022 is a global messaging standard for financial transactions, developed by the International Organization for Standardization (ISO). It provides a common language and structure for financial messages exchanged between financial institutions and other organizations involved in financial transactions, such as clearing houses, market infrastructures, and corporate treasuries.
New Go-Live Date for ISO 20022
Swift, the current system which handles the bulk of the world's interbank and international transactions recently announced:
“An overwhelming majority of our global community has requested that Swift align the start of the global ISO 20022 migration for CBPR+ with the ECB’s updated timetable to ease implementation. In response, we have taken a decision to accommodate this request, and Swift will begin the ISO 20022/MT coexistence period for all users on 20 March 2023.”
This will be the biggest change we have seen in over 50 years of the Financial payments system.
ISO 20022 has been adopted by the majority of major financial institutions and market infrastructures around the world to become the standard for financial messaging and the adoption of this new blockchain-based financial system, which includes many ISO 20022 compliant cryptocurrencies.
The implementation of ISO 20022 was originally scheduled for late 2022 however, was later postponed to March 2023.
Many believe the adoption of ISO 20022, move towards blockchain technology are many of the necessary steps required for the development of the new Quantum Financial system (QFS).