Europe’s Payment System’s Big Bang: Inside the ISO 20022 Migration
Rolling out a new common language for global payment data is no small feat. However, the transition is gathering momentum, with one domestic payment system after another converting to ISO 20022 (a standard for financial-information interchange between financial institutions developed by ISO, the International Organization for Standardization) over the past two years, including in countries such as Singapore.
This year, it was Europe’s turn, with all three of its payment systems—Eurosystem’s TARGET2, EBA Clearing’s EURO1 and Swift’s (or SWIFT’s, Society for Worldwide Interbank Financial Telecommunication’s) CBPR+ (cross-border payments and reporting plus)—opting to migrate in March in what the industry termed a “big bang” approach. International Banker Link
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Introducing a new Copilot key for Windows 11 PCs
Microsoft’s new Copilot key is the first big change to Windows keyboards in 30 years / Microsoft wants 2024 to be the year of the AI PC as it lines up bigger changes to Windows.
They have just confirmed that the Secretary of the Treasury is in Reno finalizing the efforts to launch the final phase of the Pre-Revaluation process.
On Monday the 8th the banks will have the codes and from there to 12 is the window.
Armed clashes took place, yesterday, Friday, between the Iraqi groups of “Asa’i’ Ahl al-Haq” and “Jund al-Imam” in one of the towns in the city of Basra, during a ceremony organized to commemorate the assassination of the commander of the Iranian Quds Force, Qassem Soleimani, and the deputy head of the “Popular Mobilization”, Abu Mahdi Al-Mondis, which raises concern about the repetition of these clashes and increases the embarrassment of the position of the Iraqi government.
The Basra Mobilization Operations Command confirmed that the clash was carried out by groups it called “undisciplined” to reduce its impact. She stated, in a statement on Friday evening, that “the Popular Mobilization Authority in Basra organized the festival and uncontrolled and non-PF groups provoked sedition among the masses, which led to gunshots,” stressing that “these individuals, who belong to a person named (Alaa Al-Mohammadawi), were arrested and all legal measures will be taken against them.”
For his part, the official of the “Jund al-Imam” group, Alaa Al-Mohammadawi, said on the statement, criticizing his group’s description of the “undisciplined” group. Adding, in a statement, “We regret the statements and statements issued against us that stripped us of our jihadist history in defending the homeland, religion, doctrine and belonging to the holy crowd,” noting that “whatever is issued against us from our skin, we will not respond, in order to preserve the reputation of the mujahideen and the reputation of the crowd,” he said, but we will not accept to be stripped of belonging to the crowd.
The armed clash is not the first of its kind between the factions, as a similar clash took place 10 days ago and confrontations erupted between the military wing of the Sadrist movement, led by Muqtada al-Sadr, “Saraya Al-Peace” and militants from the “Ahl-Haq” militia in the area of the Al-Amel neighborhood in central Baghdad, due to the dispute over the uploading of a large picture that includes Qassem Soleimani and Abu Al-Mahdi Al-Mundis in the region, which is one of the most prominent areas of influence of the Sadrists.
The position of the Iraqi government
A political source familiar with the “new Arab” said that “these confrontations are an inevitable result of different agendas and interests, but the embarrassing thing in them is the position of the government, which represents the rule of the law,” and added, preferring not to be named, that “the frequency of confrontations is an indicator of the deepening state of differences and division between factions whose names have multiple names,” noting that “the government and security forces always seek to calm in order to preserve security.”
The source stressed that “the position of the Iraqi government is embarrassing, as these confrontations are a departure from the law and from the authority of the state and a threat to societal security, and that the government is required to apply the law to everyone, and that its attempts to calm down indicate weak government procedures and weak state authority.”
The scenes of armed clashes between various Iraqi factions with their agendas and destinations, which are repeated in the country’s governorates, raise the Iraqi government’s concern about its serious effects on community security and state authority in general, especially since these factions have a significant military strength and arsenal. As the government and security forces seek to calm down, politicians say the government is required to impose its authority on everyone.
It is 2300 hours on the 4th of January and while I have no definite date or time I am encouraged based upon preparations dealing with exchange center preparations I have become privileged to learn about that our window drawers nearer and nearer. GOD Bless you folks for hangin’ in there.
“The WF Banker is back in Texas and does not anticipate on returning to the West Coast until we have concluded our exchange process and his job in these five states has concluded. He seemed very positive it wouldn’t be that long a period before he could rejoin his family.”
Folks, as I have stated before the world economy cannot continue without the RV and the powers that be know this. On Fri. 23 Dec. I spoke with a banker contact. He was going to Los Angeles or San Francisco to spend the holiday with his family. He indicated that point it might be much later into January before we did anything.
So today (Thurs. 28 Dec.) since I hadn’t heard from him, I called and spoke to his Assistant. She said he’s planning to fly back into Texas tomorrow Fri. 29 Dec. He’s got these five stages he’s involved with. He’s training a number of Wells Fargo bankers on the procedures that they have to follow in order to do exchanges.
He said that everyone that goes through an exchange process will be getting some type of a new Credit Card/ Debit Card that hooks into the QFS system. At your exchange you will get at least one or two percent of whatever you’re going to exchange immediately put on that card. They will open a new account for you, or possibly multiple accounts.
If you have more than one currency and wish to open an account for each currency, they will do all that at your exchange meeting. Then it will be 10 to 20 days after that funding will actually appear in your new accounts. I think he said it was a $10,000 dollar debit card to leave the exchange process with so you have funding at least up to 10 grand to do certain things you may need to do.
The delegation of the Kurdistan Regional Government, headed by the Minister of Finance and Economy in the region, Awat Sheikh Janab, arrived in the Iraqi capital Baghdad, to discuss the salary file and legislate the federal oil and gas law as well as resume the export of the region’s oil abroad.
The delegation also consists of the Acting Minister of Natural Resources, Kamal Mohammed, and the Chairman of the Regional Council of Ministers, Dr. Omid Sabah, and Cabinet Secretary, Dr. Amang Rahim, and Head of the Coordination and Follow-up Department, Dr. Abdulhakim Khosrow, and the advisers in the Council of Ministers of the Region, Khaled Hadi Jawshli, and Dr. Mohammed Shaker, and a number of advisers and general managers at the Ministry of Natural Resources.