CBN Circulars & Publications | |
CBN Circulars & Publications | |
1832 VIEWS | |
![]() |
Tuesday, July
21, 2020 / 09:58 AM / by CBN / Header Image Credit: The Tokenist
The ISO20022 Standard (International Organization for
Standardization 20022) is an increasingly established global language for
payments messaging, currently in use in cross-border payments in over 70
Countries.
In the years ahead, ISO20022 will be the defacto
standard for high-value payment system in reserve currencies, supporting 80% of
global volume and 87% of value of transactions worldwide.
ISO20022 will create a common language and model for
payments data, improves significantly the quality of data across the payment's
ecosystem, Richer, structured to build client confidence while improving
compliance and efficiency.
In view of the above and the Covid19 Pandemic, SWIFT
has set new timelines of November 2022 for the various activities leading to
ISO20022 migration as follows:
I. In 2020, building of
awareness about the change through the various resources SWIFT makes available
and assessing the impacts in collaboration with vendors.
II. Throughout year 2020 and
2021, implement the defined solution for adopting the change, testing it
internally and preparing for further testing on the "real" network.
III. Throughout 2020 and 2022 testing on the network with and without selected Correspondents and preparing for go-live.
Therefore, all the Financial Institutions in Nigeria
are to comply with the above timelines.
The ISO20022 for FI to FI payments and reporting will
be live on SWIFT as at end of November 2022. For the avoidance of doubt, after
a 3-year period of coexistence, the Corresponding legacy SWIFT MT Messages will
be decommissioned on the SWIFT platform by November 2025.
To this end, the Central Bank of Nigeria hereby
directs all Financial Institutions in Nigeria to activate the process leading
to migration to ISO20022 Standard, on or before the deadline of November 2022.
Related News