Earlier this week, the Financial institution of Kenya introduced the profitable migration of the Kenya Digital Fee and Settlement System (KEPSS) to the ISO20022 International Messaging Customary.
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This transfer marks the modernisation of Kenya’s nationwide cost methods, and can convey with it quite a few advantages for the pace, safety, effectivity, and comfort of funds for monetary establishments within the nation. The standardisation that ISO20022 brings with it would increase KEPSS into processing worldwide transactions and enhancing liquidity administration.
KEPSS is Kenya’s Actual-Time Gross Settlement System (RTGS) that facilitates the nation’s regional and home cost transactions. From August 2023 to August 2024, KEPSS processed over 5.3 million native funds price over Ksh. 45 trillion.
The Central Financial institution of Kenya (CBK) listed the adoption of ISO20022 has part of their Nationwide Funds Technique 2022-2025, and also will goal emigrate the Cheque Clearing Home to ISO20022.
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