TCH pushes back CHIPS ISO 20022 migration
10 February 2023 US
Image: tippapatt/stock.adobe.com
The Clearing House (TCH) has rescheduled CHIPS ISO 20022 implementation, with the migration postponed to April 2024.
The decision comes in response to feedback from CHIPS participants and follows similar reschedules by other global payments network providers.
Originally planned for November 2023, the additional preparation time will allow CHIPS participants to better manage the global transition, TCH says.
More adequate time will be provided between ISO conversions in different jurisdictions, including TARGET2 and Swift’s implementations in March 2023, and CHAPS’ in June 2023.
CHIPS clears and settles the majority of international USD payments. ISO 20022 will provide users with enriched data content and structured message formats, supporting the dollar as a global reserve and settlement currency.
TCH remains committed to ISO 20022 migration, it says, in order to facilitate more efficient and data-rich cross-border payments.
The decision comes in response to feedback from CHIPS participants and follows similar reschedules by other global payments network providers.
Originally planned for November 2023, the additional preparation time will allow CHIPS participants to better manage the global transition, TCH says.
More adequate time will be provided between ISO conversions in different jurisdictions, including TARGET2 and Swift’s implementations in March 2023, and CHAPS’ in June 2023.
CHIPS clears and settles the majority of international USD payments. ISO 20022 will provide users with enriched data content and structured message formats, supporting the dollar as a global reserve and settlement currency.
TCH remains committed to ISO 20022 migration, it says, in order to facilitate more efficient and data-rich cross-border payments.
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