ISO 20022 is a multi-part International Standard that enables a common global “language” for the development of messages in the payments, cards & related financial services, securities, foreign exchange trading, derivatives & trade services sectors.

Adoption of the ISO 20022 standard has improved payment processing efficiency and promoted interoperability among financial institutions, financial market infrastructures and end-users.

ISO 20022 was developed by the International Organization for Standardization (ISO) and is the global messaging standard for financial business transactions, including payments.

The Bank took a lead role in co-ordinating Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 ‘Universal Financial Industry Message Scheme’ format (MX). This initiative formed part of the Bank’s strategic vision to enhance end-to-end efficiency for domestic and cross-border payments.

In preparing for this milestone, the Bank established a multi-sector Working Group. This collaborative approach ensured alignment, readiness, and relatively smooth adoption across the industry.

Since the migration, the Bank has continued to provide support and guidance to institutions as they adapt to the new standard. Additionally, there is a strong focus on exploring and leveraging the richer, more structured data enabled by ISO 20022 to enhance payments processing, reporting, compliance, and innovation within Jamaica’s financial sector.

On 15 December 2025, migration from the Swift Message Type (MT) standard to the new ISO 20022 standard (MX) became effective in JamClear®-RTGS. The migration timeline was extended beyond the original 30 November 2025 deadline due to operational challenges arising from the passage of Hurricane Melissa in October 2025.

The JamClear®-Real-Time Gross Settlement System (JamClear®-RTGS) which facilitates local payments, was required to transition. Note that the Automated Clearing House and MultiLink Network were also required to transition in order to process net settlement files in the RTGS System.