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Bank of Jamaica (‘the Bank’) is taking 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 by end 2025. Adoption of the ISO 20022 standard should improve payment processing efficiency and promote interoperability among financial institutions, financial market infrastructures and end-users. This initiative is part of the Bank’s strategic vision to enhance end-to-end efficiency for payments. 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…