Regulatory Alerts2022-01-01
Upgrade and ISO 20022 Messaging Standard Migration for the Real Time Gross Settlement System
The Bank of Zambia requires all commercial banks to migrate to an upgraded Real Time Gross Settlement system based on the ISO 20022 messaging standard by July 14, 2023. Institutions must configure their core banking systems to process ISO 20022 messages by December 23, 2022, ensure adequate network bandwidth for larger XML files, and fully participate in User Acceptance Testing beginning January 2023. Non-compliance with these directives and cross-border payment deadlines will trigger regulatory action under Section 43 of the National Payment Systems Act.
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