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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.

Find out more about ISO 20022

This includes changes our payment system ESAS. We will adopt a coexistence strategy from November 2022 to support the existing FIN (MT) and new ISO 20022 (MX) messaging format.

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.

Timings  
Q1-Q3 2022 ESAS testing activities
Q4 2022+ International market infrastructures switch to ISO 20022
November 2022 ESAS ISO 20022 processing goes live
November 2022 Eurozone market switches to ISO 20022
November 2022 - November 2025 ESAS settlement system supports coexistence of FIN (MT) format and ISO 20022 format messaging
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]