Payments in foreign currency (SWIFT)* have become more transparent and informative for customers after Raiffeisen Bank’s switching to ISO 20022
Effective from March 20, 2023, Raiffeisen Bank receives and processes incoming customers’ payments in the updated format of SWIFT messages, and starting from April 17, 2023, all the customers’ payments are sent in updated ISO 20022 formats.
More structured detailed payment information according to ISO 20022, as well as new format (МХ), enable the customers to:
- Automate payment processing,
- Get integrated with software suites easier,
- Simplify the processes of checking compliance requirements, financial monitoring and security, while increasing reliability and effectiveness of the payment system in its entirety.
Extension of the standard worldwide. Over 60% of financial institutions worldwide have already switched to the new standard or are currently in the process of migration. For the Ukrainian financial institutions, it is a way to the acceleration of the integration with the European and global payment systems, the adaptation to their requirements and processes. As Ukraine is a candidate for the EU membership, the switching to ISO20022 standards will primarily ensure the capability to make smooth transfers in a single payment zone in euro in future (SEPA).
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