The Co-operative Bank of Kenya has joined the leading lenders globally to implement ISO 20022 that allows SWIFT payments.
The lender said the move will allow faster processing time of all RTGS & SWIFT cross border payments, greater transparency, increased successful transactions and reduced opportunities for fraud as the data on all SWIFT & RTGS transfers will be available to screen transactions.
“To unlock the potential of Real Time Gross Settlement (RIGS) and SWIFT payments, the Central Bank of Kenya (CBK) requires us to adopt ISO 20022 in line with the global payments standards.
“This standard includes compulsory use of Purpose of Payment (PoP) codes for Real Time Gross Settlement (RTGS) payments,” the bank said in a statement.
Customers will enjoy faster Processing time of SWIFT & RTGS transfers because more payment processes will be automated.
At the same time, ISO 20022 will improve data on the transaction details all the parties involved in a transaction are able to obtain a lot more information from the SWIFT & RTGS.
“It will allow increased successful transaction thereby reducing cases of follow up time where transactions have happened and there are queries.
“Flexibility and Innovation — Rich data will provide insights which will facilitate development of desirable products and services for customers,” the bank added.
