Banks are coming under competitive pressure to move to the new universal financial messaging standard ISO 20022 as the overall shift in the payment industry to instant payments means that existing products and services could become inoperable if they don’t act.
In Europe, Chaps will be the first to migrate to the new messaging standard in June 2022, followed by Target2 in November. In Canada, the Lynx system will also migrate in November 2022, as will Swift correspondent banking, albeit with a coexistence period.
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