The National Bank of Kazakhstan (NBK) has announced the transition of the payment systems in Kazakhstan, as well as the information systems of second-tier banks and other participants in the payment systems, to the international payment messaging standard ISO 20022.
“The country's payment systems and the information systems of banks, upgraded to accommodate the new standard, will be put into operation in the new format starting January 13, 2025. Banks will accept payment instructions from clients in the standard mode according to the operational schedules of the information systems, without restrictions or delays,” the statement reads.
The National Bank clarified that the transition to the new standard “facilitates the automation of payment processing, enhances the speed and security of transactions.” A key feature of the ISO 20022 standard is the ability to transmit additional information about a payment or transaction, which simplifies identification processes, reduces the number of errors, and improves customer service, as noted by the NBK.
The implementation of ISO 20022 ensures global compatibility among various information and payment systems utilizing this methodology. “Kazakhstan is the first among the Central Asian countries to adopt the international standard, alongside countries in the European Union and Southeast Asia, which will simplify cross-border payments and promote the development of international trade,” the statement says.
The introduction of the ISO 20022 standard will enhance the efficiency of interactions between financial institutions and clients (consumers) and will also enable easy adaptation to technological changes in the financial market through the use of standardized rules and procedures, according to the NBK.