The Ghana Interbank Payment and Settlement Systems (GhIPSS) has begun migrating its payment infrastructure to the ISO 20022 standard as part of efforts to align Ghana’s financial system with global payment standards.
The migration is expected to modernise the country’s payment ecosystem by improving transaction efficiency, interoperability and data quality across financial institutions.
ISO 20022 is an internationally recognised messaging standard used by financial institutions worldwide to facilitate secure and standardised payment communication.
Industry stakeholders say the transition will improve cross-border transactions, strengthen payment processing capabilities and support innovation within Ghana’s digital finance ecosystem.
The move also positions Ghana’s payment infrastructure to better integrate with global financial networks as more countries adopt the ISO 20022 framework.
GhIPSS believes the upgrade will enhance customer experience, improve transaction transparency and support future financial technology developments within the banking sector.
Financial sector players have welcomed the transition, describing it as an important step toward building a more modern, secure and globally competitive payment system for Ghana.
Source: GhanaWeb