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RBI extends deadline for banks to shift to new messaging standards

By Religare
RBI extends deadline for banks to shift to new messaging standards
The Reserve Bank has extended the timeline for banks to adopt new messaging standards in RTGS payment platform to March 31, 2014, said the media report.

Banks didn't take enough measures to handle ISO 20022 standard messages that was put in place in October and are still relying on temporary solution provided by their IT and service providers for conversion of messages, said the media report.

The RBI said that it received requests from banks to allow them to continue with the present arrangement till the required modifications were made at the core banking solution (CBS) at banks' end.

The objective of introducing ISO 20022 standard message format for payment system is to bring about standardisation in the messaging formats for various payment systems in the country and to conform to international standard, RBI said.

Under RTGS system, beneficiary branches receive funds in real time as soon as they are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

Dion Global Solutions Ltd.

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