IBA asks bank to speed up ISO 20022 shift

The Indian Banks' Association (IBA) has urged banks to accelerate the implementation of SWIFT ISO 20022 norms, warning that failure to do so could result in difficulties in cross-border payments.

- FE BUREAU

Banks must begin the migration process by August to allow sufficient buffer time to monitor ISO 20022 transaction volumes, IBA chief executive Atul Kumar Goel stated in a recent letter addressed to the heads of banks.