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Kazakhstan is adopting the international standard ISO 20022 for conducting payments and money transfers.

В Казахстане внедряют международный стандарт ISO 20022 для проведения платежей и денежных переводов.

Astana. November 6. KAZAKHSTAN TODAY - The National Bank of Kazakhstan, in collaboration with second-tier banks, is working on the implementation of the international payment message format ISO 20022 into the country's payment systems. This was reported by the National Bank.

The use of the international payment message standard will not change the procedure for banks providing financial services to their clients. These activities do not affect card payments. Therefore, transactions by the public using payment cards, QR codes, mobile transfers, cash withdrawals from ATMs, mobile phone payments, and others will remain unchanged," the message states.

It is also noted that due to the need to configure their information systems, banks will be conducting technical work.

To implement these changes, there may be brief adjustments to the payment acceptance schedule related to interbank servicing (on weekends prior to the financial organizations' implementation of ISO 20022). Financial institutions are currently notifying their clients in advance about the timing of the technical work being carried out by banks as part of the transition to the new standard, which will take place by the end of November 2024," the National Bank clarified.

The global standard ISO 20022 for electronic message exchange between financial organizations is designed to automate business processes. The transition to this standard will provide market participants with access to new solutions implemented based on ISO 20022, as well as reduce costs for all parties through the application of unified payment message exchange models during banking operations.