Kenya adopts a new global messaging standard platform for bulk payments --[Reported by Umva mag]

• Kenya adopts global messaging standard  ISO20022, which is the latest international open system for sealing financial deals.
• In the 12 months to August 2024, the country processed a total of over 5.3 million transactions valued at over Sh45 trillion for local currency transactions.
• The new standard’s rich data formats will aid in checking fraud thereby curtailing illicit transactions.

The Central Bank of Kenya (CBK) has announced a transition of the Kenya Electronic Payment and Settlement System (KEPSS) to the internationally recognized Global Messaging Standard (ISO 20022 Standard). The new system is the latest international open standard for financial messaging that is being adopted globally.

Last month, the banking industry regulator directed lenders, including microfinance institutions to start testing of the upgraded system for messaging high-value financial transactions aimed at increasing the speed of transfers while heightening the checks against fraud.

“KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is …

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