ISO 20022 to be made mandatory in India

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Sandeep Srinivasa

Jun 29, 2022, 5:16:42 PM6/29/22
to jPOS Users
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 ISO 20022.

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

Alejandro Revilla

Jun 29, 2022, 5:20:48 PM6/29/22
You'll like to know that Transactility is sponsoring the development of such a bridge, and of course, it will be part of jPOS open source offering.

Nice thing is although we'll have XML support for remote endpoints, internally we use ASN1/PER (Protobuf in the radar), a quite performant approach to typical XML-ish ISO 20022 implementations.

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