ISO 20022 migration launched

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News Date: December 11, 2021

Swift's ISO 20022 Services for Cross-Border Payments Ready for Customer Testing with Launch of In-Flow Translation.
Swift launches translation service for cross-border payments.
In-flow Translation will enable financial institutions to realize the benefits of rich data when they migrate to ISO 20022, even if their counterparts have not yet adopted the standard.
The availability of a test environment means that customers can now prepare for ISO 20022 a year before it goes live.
Source: paymentsjournal.com

Dutch Central Bank Preparing for the Gold Standard

Update from November 18, 2023:
The Dutch Central Bank (DNB) disclosed in a recent interview that it has modified its gold reserves to bring them into line with those of other nations within and outside the eurozone.
Motivated by political factors, this policy seeks to maintain strength and balance in reserves in relation to GDP.
Additionally, DNB proposed that during a financial crisis, an increase in the price of gold might make it possible to utilize official gold reserves as a stabilizing mechanism to uphold or create a new gold standard.
News from November 3, 2022:
Dutch Central Bank discussing Gold Revaluation
The DUTCH government openly discussed canceling debt by revaluation of the Gold price.
The Governor of the Dutch Central Bank stated the gold revaluation account ensures the solvency of his central bank in an interview on television about prospective losses.
Sources: gainesvillecoins

Turkey seeks to become full SCO member

Turkey's Erdogan targets joining Shanghai Cooperation Organization, media reports say.
'Now our next process will be steps towards this end. This is our goal,'
he said in reply to a journalist's question whether Turkey was considering the possibility of becoming a member of the SCO.
Source: reuters.com

Joint Declaration of Support for Democratic Change in Venezuela

A swift and peaceful transition to democracy is the most effective and sustainable route to stability, recovery and prosperity in Venezuela. We remain committed to helping the Venezuelan people achieve a peaceful, prosperous and democratic future.
Source:www.state.gov

India Is Mulling Rupee-Ruble Payments System

India is discussing how to set up a rupee-ruble payment mechanism to enable it to trade with Russia, to circumvent the U.S. sanctions regime.
During the last several months, several considerations have prompted the Modi government to rethink the wisdom of putting all its eggs in the U.S. basket.
Instead, India is returning to a more balanced approach, assessing its national interests vis-a-vis those of other countries and acting accordingly.
To Be Non-Aligned on Russia Policy Implies India Finding Trade Workaround.
Source: nakedcapitalism.com

The American Bankers Association confirmed ISO20022 migration

The American Bankers Association has confirmed to the Federal Reserve on Monday that it supports a plan to migrate to ISO20022 on a single day but said it has "serious concern" regarding the lack of detail about the plan.
They recommend that the Board and Reserve Banks provide test accounts for financial institutions to use during this process.
They also recommend The Board and Reserve Banks provide the detailed and final ISO standard for their messages on the SWIFT MyStandards site as soon as possible.
Source: www.aba.com