The Central Bank of Chile has completed the implementation of the global ISO 20022 financial messaging standard for its High Value Payment System, a programme launched in 2022 and carried out with banks and financial market infrastructures. The migration was delivered in two stages, with the first completed on 25 November 2024 and the second on 8 September. The move aligns Chile with SWIFT’s international requirement to adopt ISO 20022 as the new standard for messaging between financial institutions, enabling clearer and more detailed data exchange via a common language. The Bank highlights expected benefits including greater efficiency, interoperability and security in transactions, improved support for both domestic and cross-border payments, potential processing cost savings through increased automation, and better adaptability to future technological innovation. Chile becomes the second country in Latin America to fully adopt ISO 20022 for its High Value Payment System, in line with SWIFT’s global timetable.
Central Bank of Chile 2025-09-22
Central Bank of Chile completes ISO 20022 migration for the High Value Payment System
The Central Bank of Chile has completed the implementation of the ISO 20022 financial messaging standard for its High Value Payment System, aligning with SWIFT's global requirements. This transition, finalized in two stages, enhances transaction efficiency, interoperability, and security, while supporting both domestic and cross-border payments. Chile is now the second country in Latin America to fully adopt this standard.