CBK issues directive to banks after transitioning to new payment system
The Central Bank of Kenya (CBK) has directed banks to notify their customers of the migration of the Kenya Electronic Payment and Settlement System (KEPSS) to a new system
The Central Bank of Kenya (CBK) has directed banks to notify their customers of the migration of the Kenya Electronic Payment and Settlement System (KEPSS) to a new system.
In a statement dated October 14, CBK noted that the banks should inform customers of the move and provide necessary support to ensure a seamless service.
The regulator announced that the Kenya Electronic Payment and Settlement System (KEPSS) has been migrated to the Global Messaging Standard (ISO20022 Standard).
According to CBK, the new system is the latest international open standard for financial messaging that is being adopted globally.
“The Central Bank of Kenya (CBK) announces that, effective today, the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is operated by CBK to process large-value and time-critical payments.
“CBK has directed banks to inform their customers and provide necessary support to ensure seamless service,” CBK stated.
The regulator disclosed that the migration of KEPSS to ISO20022 brings significant benefits, including faster settlement of payments and preventing illicit transactions.
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“The Standard’s rich data formats will aid in monitoring fraud and improve the detection and prevention of illicit transactions. Additionally, the standardisation provided by ISO20022 reduces the complexity of payments and significantly enhances efficiency.
“The ISO20022 Standard will enhance interoperability between domestic and international payment systems, facilitating easier cross-border transactions and increase the ease of doing business globally,” the bank explained.
CBK maintained that the migration positions Kenya as a leading and globally competitive payments destination and is a key component of the National Payments Strategy 2022-2025.
It affirmed that it is committed to continuous improvement and renewal of Kenya’s payments infrastructure to meet the evolving needs of the economy and support the country’s vision of becoming a global financial hub.
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