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Tengrinews.kz - All commercial banks in Kazakhstan have transitioned to the new international standard ISO 20022 for data exchange between financial institutions, the National Bank of Kazakhstan announced.
The country’s payment systems and bank information systems, updated to meet the requirements of the new standard, have been operational in the new format since January 13. Banks are processing payment instructions from clients as usual, without any delays or restrictions, according to the National Bank.
"The transition to the new standard enables automation of payment processing, increases transaction speed and security, and allows for the inclusion of additional information about payments or transactions. This simplifies identification processes, reduces errors, and enhances customer service quality," the statement said.
ISO 20022 facilitates compatibility between different payment and information systems, making cross-border transactions and international trade support more efficient. Kazakhstan is the first country in Central Asia to adopt this standard, joining the ranks of the EU and Southeast Asia.
The National Bank highlighted that implementing the standard will improve financial institutions’ interactions with clients, boost operational efficiency, and allow for easier adaptation to technological changes through unified rules and processes.
Previously, Kazakh banks had announced the upcoming transition to ISO 20022, warning of temporary technical interruptions from January 8 to 12, which affected some functions and services.
ISO 20022 is an international standard for data exchange between banks and financial institutions. It establishes unified rules and message formats used in conducting transactions.
Previously, the National Bank unveiled a draft resolution aimed at tightening control over non-resident banking operations to mitigate the risk of foreign currency speculation.
