Introduction of ISO20022 Standard at Seminar in Turkmenistan hosted by SWIFT

The State Bank for Foreign Economic Affairs of Turkmenistan recently hosted a three-day seminar from June 4 to 6, focusing on introducing the ISO20022 standard. This international standard is designed for the exchange of electronic messages within the financial industry.

The seminar, conducted by a SWIFT coach from the SWIFT headquarters in Belgium, aimed to educate participants on the smooth transition to ISO 20022 and how to leverage its advantages. One key highlight was the introduction of Mystandards from SWIFT, which enables easy sharing of messages related to payments and cash management among banks and market infrastructures.

Implementing ISO 20022 not only enhances the quality of customer service and risk management but also streamlines processes, reduces time and costs, and improves automation. The seminar provided participants with valuable knowledge on the new standards through theoretical presentations, group discussions, practical activities, and overview exercises.

Overall, the seminar was a success in expanding participants’ understanding of ISO 20022 and its benefits. This initiative is a positive step towards enhancing financial communication and operations in Turkmenistan.

Photo: provided by the State Bank for Foreign Economic Affairs of Turkmenistan



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