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Bank of Israel encourages participation in hackathon on the use of ISO 20022 for x-border payments

Source: Bank of Israel

The Bank of Israel’s Payment and Settlement Systems Department encourages payment system operators, banks, payment service providers, and fintech companies to register for and take part in a global hackathon on the use of the ISO 20022 Standard for promoting cross-border payments.

Bank of Israel encourages participation in a global hackathon on the issue of cross-border payments

Three teams from among all the hackathon participants around the world will be chosen by a panel of expert judges from the Federal Reserve Bank of New York, the Bank of England, the European Central Bank, SWIFT, and other leading financial entities in Canada, Australia, Sweden, and Singapore to present their hackathon solutions at a virtual conference held by the BIS.

This global hackathon will be held on the issue of cross-border payments. It is sponsored by the BIS Innovation Hub and SWIFT. The goal of the hackathon is to develop and present test cases and solutions intended to improve the cross-border payment system, by adopting the advanced international ISO 20022 Standard for payment messages. Standard ISO 20022, which has been adopted at a global level by payment system operators, banks, and payment service providers, makes it possible to place a data-rich payment messages and will make it possible to have new, automatic and faster business models and processing procedures. Ultimately, this will make it possible to have cross-border payments that are less expensive, faster, and more transparent to all.

Registration is open until Monday, March 8, 2021 at: https://bit.ly/2Pcf7tB for teams of 2-8 people.

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