Seychelles Financial Sector to Adopt ISO 20022 The Central Bank of Seychelles (CBS) has issued a directive signaling a major upgrade to the country's financial communication protocols. Starting on November 22, 2025, the current, long-standing SWIFT messaging format will be fully replaced by the internationally recognized ISO 20022 standard. This mandatory transition affects all financial institutions operating within Seychelles, including commercial banks, payment service providers, and any entity utilizing the SWIFT network for high-value payments. Why the Shift to ISO 20022? The move aligns Seychelles with a global trend among central banks and major financial hubs seeking enhanced capabilities in their payment systems. ISO 20022 is a new, universally accepted standard for electronic data interchange that provides several key advantages over the legacy SWIFT format: Richer Data: The new standard allows for significantly more structured and detailed information to be carried within each payment message, improving transparency and facilitating compliance, especially regarding anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Enhanced Interoperability: It promotes seamless communication and easier integration between various domestic and international payment systems. Future-Proofing: The rich data capabilities support advanced analytics, real-time payments, and the adoption of new financial technologies (FinTech). Financial institutions are urged to begin their implementation and testing phases immediately to ensure full compliance before the November 22, 2025, deadline. The CBS is expected to provide further technical guidelines and support to facilitate a smooth and secure migration.
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