In a significant milestone for Egypt’s digital transformation journey, the Central Bank of Egypt (CBE) has announced the successful adoption of the international ISO 20022 standard for SWIFT messaging across the Egyptian banking sector’s interbank financial transfer system, effective June 21, 2026. CBE Governor Hassan Abdalla stated that the move reflects the CBE’s continued efforts to modernise and enhance the efficiency of Egypt’s payment infrastructure, particularly the Real-Time Gross Settlement (RTGS) system. He noted that the implementation of ISO 20022 establishes a robust foundation for next-generation financial services, including open banking and advanced data analytics, while enabling banks and financial institutions to develop innovative products and services in accordance with global best practices. ISO 20022 is the world’s leading and most comprehensive financial messaging standard, designed to improve the speed, reliability, and efficiency of payment processing. The standard allows for the exchange of richer, more structured data within payment messages, enhancing data quality and transparency across financial transactions. The adoption of ISO 20022 is expected to significantly improve the cross-border payments experience by facilitating Straight-Through Processing (STP), minimising manual intervention, accelerating transaction execution, and increasing overall operational efficiency. Furthermore, the enhanced data capabilities provided by the standard strengthen banks’ ability to conduct automated transaction screening in compliance with domestic and international anti-money laundering and counter-terrorist financing (AML/CFT) requirements. This development underscores the strategic importance of the upgrade in supporting seamless cross-border payments and ensuring greater integration with regional and international payment platforms. The successful modernisation of Egypt’s RTGS system to fully comply with ISO 20022 places it among the world’s most advanced settlement systems, further reinforcing its role as a key pillar of the country’s digital financial infrastructure and supporting Egypt’s broader vision for financial innovation and economic development. The post Egypt’s banks adopt int’l ISO 20022 for financial transfers appeared first on Egyptian Gazette.
