NAIROBI, Oct. 15 (Xinhua) -- The Central Bank of Kenya (CBK) announced on Tuesday that it has successfully transitioned the Kenya Electronic Payment and Settlement System (KEPSS) to the internationally recognized ISO 20022 global messaging standard, joining other regional and global economies in adopting the standard for large-value payment systems.

KEPSS, Kenya's local Real-Time Gross Settlement system, is operated by the CBK to process large-value and time-critical payments, serving as the backbone of Kenya's domestic and regional payment transactions.

The central bank said that the standardization provided by ISO 20022 reduces the complexity of payments and significantly enhances efficiency.

"The ISO 20022 standard will enhance interoperability between domestic and international payment systems, facilitating easier cross-border transactions and increasing the ease of doing business globally," it said in a statement issued in Nairobi, Kenya's capital.

The CBK said that these benefits will improve the convenience, speed and security of payments for both corporates and customers.

Between August 2023 and August 2024, KEPSS processed over 5.3 million transactions valued at over 45 trillion shillings (about 348.7 billion U.S. dollars) for local currency transactions.

The bank said that ISO 20022 is the latest international open standard for financial messaging, which is being adopted globally.

It said the migration of KEPSS to ISO 20022 brings significant benefits, including faster settlement times, streamlined processing, and improved liquidity management for financial institutions.

"The milestone of this migration is a significant achievement in the modernization of Kenya's National Payments System. It positions the country as a leading and globally competitive payments destination," the statement added. Enditem

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