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SARB Adopts New Financial Messaging Standard ISO 20022

South Africa to get new Financial Messaging Standard as SARB adopts new ISO standard.

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South Africa’s payment ecosystem will be getting an upgrade as the SARB announces its decision to adopt the new ISO 20022 standard.

The drivers behind the move include the proliferation of disruptive technologies, cyber threats, customer demands and increasing regulations.

Last week, the SARB announced the adoption of the ISO 20022 standard, saying it is expected to “improve compliance and transparency, increase efficiency and interoperability, enhance customer experience, and speed up payment systems harmonisation”.

ITWeb

Read, “SARB adopts new financial messaging standard” on ITWeb for full details.

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