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The South African Reserve Bank is working with the payment industry to replace the existing Real-Time Gross Settlement (RTGS) system with a new-generation ISO 20022 solution that will cater to requirements stemming from payment innovations, regulatory changes and the evolving business landscape.
Future communication with payment systems will require instruction in ISO 20022 format. ISO 20022 is an increasingly established global language for payments messaging that is already used by payment systems in over 70 countries.
It will become the standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of the value of transactions worldwide. SWIFT will enable ISO 20022 messages for cross-border payments and cash reporting businesses starting from the end of 2022.