Starting January 13, 2025, payment and banking systems that have been updated in accordance with the requirements of the new standard will operate normally. Banks will accept payment instructions from clients without delays and restrictions, in line with the established working hours.
“The implementation of the ISO 20022 standard facilitates the automation of payment processes, enhances the speed and security of transactions. A distinctive feature of the new format is the ability to transmit extended information about payments or transactions, which simplifies the identification of operations, reduces the likelihood of errors, and improves service quality.
The use of ISO 20022 ensures compatibility between various payment and information systems worldwide. Kazakhstan has become the first country in Central Asia to adopt this standard, joining the nations of the European Union and Southeast Asia. This will simplify cross-border payments and contribute to the development of international trade,” stated the financial regulator.
The new standard will enhance the efficiency of interactions between financial institutions and their clients, and will also provide flexibility in adapting to technological changes in the financial market through unified rules and procedures.