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Jamaica: Bank of Jamaica announces transition from SWIFT Message Type standard to ISO 20022

The Bank of Jamaica ('BoJ') announced, on 11 April 2022, Jamaica's transition from the SWIFT Message Type ('MT') standard to the ISO 20022: Universal Financial Industry Message Scheme format by the end of 2025. In particular, the BoJ stated that the adoption of the ISO 20022 standard will improve payment processing efficiency and promote interoperability among financial institutions, financial market infrastructures, and end-users.

In addition, the BoJ stated that its target is to ensure that the JamClear systems are updated to facilitate both the ISO 20022 standard and the current SWIFT MT standards by the second quarter of 2023 to allow participants that interface with JamClear to transition at their own pace.

In addition, the BoJ stated that it will facilitate the coexistence of the ISO 20022 standard with the current MT standards until November 2025.

You can read the press release here.