Hong Kong Interbank Clearing Limited (HKICL) has announced to implement the adoption of ISO20022 for RTGS in Hong Kong on 22 April 2024*. The existing money settlement of HKSCC in Hong Kong RTGS system will be enhanced and HKSCC will join the market-wide Simulation Test arranged by HKICL to ensure a smooth transition.
To ensure uninterrupted support to CCASS money settlement after the HK RTGS system enhancement, HKSCC’s Settlement Banks and Designated Banks are required to follow the guidelines and requirements from HKICL for the preparation of HKICL’s market-wide Simulation Test and other migration tasks required by HKICL.
If Settlement Banks and Designated Banks have enquiries related to HKSCC’s preparation for this migration, please reach out to your usual business contact point in HKSCC.
Implementation Timeline of ISO 20022 Upgrade of SWIFT Messages for Money Settlement
This migration has no change to existing MX messages that are in-use. Project FINI is out-of-scope in this migration.
*Note: In case HKICL activates fallback of RTGS to MT messages on 21 April 2024, all MX enhancements of HKSCC in this ISO MX migration will not launch on 22 April 2024. Existing MT messages will be expected to remain in use between Settlement Banks/ Designated Banks and HKSCC.