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Business News of Tuesday, 21 July 2020


X-Border payments: CBN mandates banks’ migration to ISO20022 before 2022

The Central Bank of Nigeria has directed all financial institutions in the country to activate the process leading to migration to ISO20022 Standard on or before the deadline of November 2022.

The ISO20022 is an ISO standard for electronic data interchange between financial institutions.

It is an increasingly established global language for payments messaging, currently in use in cross-border payments in over 70 Countries.

The standard covers financial information transferred between financial institutions, which include payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.

The Society for Worldwide Interbank Financial Telecommunications had earlier set the migration deadline for the ISO 20022 for November 2021.

The CBN said in view of the Covid19 pandemic, SWIFT set new timelines of November 2022 for the various activities leading to ISO20022 migration.

It said the rest of 2020 would be used to build awareness about the change through the various resources and assess the impacts in collaboration with vendors.

It added that throughout 2020 and 2021, the defined solution for adopting the change would be implemented, tested internally and prepared for further testing on the “real” network while in 2022, testing would be done on the network with and without selected correspondents and prepared for go-live.

The CBN urged all banks and other financial institutions to comply.

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