The new standard will increase the speed, security and convenience of payments, El.kz reports with reference to the National Bank of Kazakhstan.
The National Bank of Kazakhstan announced the successful completion of the transition of payment systems and information systems of second-tier banks to the international standard ISO 20022. From January 13, 2025, the updated systems have been put into operation, and banks accept payments in standard mode without delays and restrictions.
The new standard makes it possible to transmit additional payment data, which simplifies the identification of transactions, reduces the number of errors and improves the quality of service.
Kazakhstan became the first country in Central Asia to switch to this standard, joining the countries of the European Union and Southeast Asia.
The use of ISO 20022 ensures global interoperability between different financial and payment systems, creating rules and procedures.