India's central bank - the RBI - has released a position statement to mandatorily migrate all govt run payment systems to
ISO 20022 by 2025.
In parallel, it will be mandating the creation of a National Card Switch where all domestic transactions (including VMA) will be directed.
This also includes UPI - which is pretty much one of the largest payment networks in the world.
Most of us are reading it as a substantial deployment/migration to ISO 20022 in the next 3 years.
I wanted to highlight that here since
ISO 20022 has not caught on much in the rest of the world - but in this context we are anticipating a huge mandatory migration to
We also anticipate needing 20022 <> 8583 bridges, because while India will entirely ride on the new standard...the global network will still use the older ones.
In that context, would love to know JPOS roadmap on this.
thanks and regards