Moving to ISO 20022
The New Zealand banking industry is moving to ISO 20022, the emerging global standard for payments messaging creating a common language for payments data shared across the globe.
We have adopted a coexistence strategy supporting both the existing FIN (MT) and new ISO 20022 (MX) messaging formats in ESAS.
NZClear does not have any changes for securities messaging and transfers at this time.
Adopting ISO 20022 will enable innovation in the NZ payments industry to be able to utilise richer data becoming available at the transactional level within the payments ecosystem. Already used by payment systems in over 70 countries, in the coming years ISO 20022 will be the de facto standard for high-value payment systems of all reserve currencies.
To adapt to the new messaging standard and accompanying data requirements, ESAS account holders will have to make process and technology changes. A program of work is currently underway at the Reserve Bank to manage this.
|November 2022||ESAS ISO 20022 capability went live|
|November 2022 - November 2025||ESAS settlement system supports coexistence of FIN (MT) format and ISO 20022 (MX) format messaging|
|March 2023||Eurozone market switches to ISO 20022|
|Late 2023||ESAS ISO 20022 reconciliation messages & statements goes live (equivalent of MT900 series)|
|November 2025||FIN (MT) messaging format retired|
If you have any questions contact us at [email protected]