Page 51 - Annual Report 2022
P. 51
2021
2022
Implementation of new ISO standard
for Swift payments
Starting in March 2023, the way the Swift community
exchanges payment messages will be transformed
with ISO 20022. All parties involved in the payment
chain are impacted by ISO 20022 because FIN
Category 1, 2 and 9 MTs will be retired in November
2025. BKT was able to consume incoming ISO
20022 messages with RMA authorizations in place
as of November 2022 by upgrading the Messaging
Interface and making the necessary configuration for
FIN Plus service. We will keep sending MT while we
are still implementing ISO in our Payment System to
become an ISO enabled bank.
