The Bank of Korea (BOK) announced on Wednesday that it has completed the adoption of ISO 20022 for key fund transfer services on BOK-Wire+, its large-value payment system.
ISO 20022 is a global standard for financial messaging created by the International Organization for Standardization (ISO). It is widely used for payments, settlements, securities, card services, trade finance, and foreign exchange transactions.
The new standard will support BOK’s general fund transfers, designated-recipient transfers, and Continuous Linked Settlement (CLS) operations.
The adoption was introduced to improve cross-border payment services. This initiative was chosen as a top priority at the February 2020 meeting of G20 central bank governors and finance ministers.
The new system will create a strong technical and institutional base for faster and more efficient payment services. It will also support better links between cross-border payment systems and improve global consistency in anti-money laundering and counter-terrorist financing (AML/CFT) measures.
The BOK said the adoption will reduce inefficiencies and prevent data loss caused by converting information between different messaging systems. It will also help payment infrastructures work together more smoothly and support consistent trade and finance operations for businesses.
The Bank said, “The adoption of the ISO 20022 messaging framework, which has high universality and scalability, will enhance interoperability between systems and elevate operational efficiency.”
Source link: https://en.sedaily.com/news/2026/05/26/bank-of-korea-adopts-iso-20022-standard-for-bok-wire-system
