Chips are migrated to ISO 20022 message format

The Clearing House had originally planned to move to ISO 20022 in November 2023, but postponed the date following the recommendations of participants and in light of similar delays from network providers around the world.

ISO 20022 promises numerous benefits, including more efficient payment processing; enriched data content, e.g. B. Advanced remittance information; and the ability to query structured message formats for things like sanctions and compliance reviews.

The migration also means that Chips messages will be adapted to message formats used by other global high-value payment systems, increasing the efficiency and information content of cross-border payments.

On Monday, April 8, the Chips Network completed its first day of operations in the ISO-20022 message format, releasing 555,345 payments worth $1.81 trillion.

“We are excited to implement ISO 20022 as it will improve payment transparency and accelerate payment delivery with its increased data load and structured content, resulting in a better experience for our customers, Chips participants and the industry,” says Thomas Halpin, North America Head, Global Payments Solutions, HSBC.