Goldilocks and Seeds of Wisdom
ISO 20022 UPGRADE OF SWIFT MESSAGES FOR MONEY SETTLEMENT ANNOUNCEMENT:
“To act in concert with the global standard of adopting ISO 20022 in SWIFT and Hong Kong RTGS for payment-related SWIFT messages, OTC Clear has planned to migrate money settlement messages from existing SWIFT MT messages to ISO 20022 XML-based message (“MX messages”) on 22 April 2024.”
On April 22nd, 2024, the Society for Worldwide Interbank Financial Telecommunications and Real Time Gross Settlements is upgrading to the ISO20022 messaging system.
The Hong Kong Interbank Clearing Limited and the Hong Kong Securities Clearing Company Limited will soon after do a market-wide testing to make sure the clearing systems of the East and West are synchronized.
Once this interface is complete and tested, the new settlement messaging system for tokenized assets through Stablecoins, already tested and regulated, in Hong Kong will be able to move digital money in cross-border International trades. This will enable foreign currency exchanges to take place on this new Digital Financial Settlement System.
HKEX | Adenza
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