As the murky underbelly of the world’s financial matrix seethes with tension, the unraveling secrets of Quantum Financial System (QFS) come into stark relief. The ripples in the system are subtly, yet relentlessly changing the trajectory of the digital payment landscape worldwide, and those who do not adapt will be left in the wake of this unstoppable tide.
Hiding in plain sight, the key to this revolutionary transformation is none other than ISO 20022, the definitive global standard for financial messaging. No longer just the territory of tech-wonks, this silent giant stands ready to regulate electronic data exchange between financial institutions with a stranglehold that makes previous systems look like child’s play.
The ISO 20022 standard has stealthily but assertively found a foothold in more and more countries. They are hungrily absorbing this transformative beast to enable faster payments, improve the customer experience, and facilitate the kind of automation that promises an ease and efficiency that is almost too good to be true.
In a momentous revelation, the Bank of England has confessed that the notorious Clearing House Automated Payment System (CHAPS), one of the world’s largest large payment systems, has successfully moved to this omnipotent ISO 20022 standard.
And not just that – it has been upgraded.
Upgraded, to facilitate a more sinister new world order of finance?
The once mundane CHAPS system, the nervous system of the financial realm, is renowned for providing payment risk-free, streamlined, and irreversible payments. CHAPS has been responsible for processing an eye-watering £395 billion per day in 2022, and all the while it was hiding in plain sight.
CHAPS is the gatekeeper of the money markets, and the facilitator of foreign exchange transactions. With the responsibility of overseeing the transactions of the UK’s largest financial institutions and corporations, businesses have long relied on CHAPS for time-sensitive, high-value payments. Now, they may unknowingly be playing into the hands of a system that holds more power than they could ever have imagined.
This migration to ISO 20022 is not just a blip on the radar; it marks significant progress within a multi-year plan to renew real-time gross settlement services (RTGS). It’s not just about improving resilience, fostering innovation, and stoking competition within the current payment landscape.
The stakes are much higher.
Victoria Cleland, Managing Director for Payments at the Bank of England, in a recent statement, let slip that “The introduction of the ISO 20022 financial messaging standard is our first step towards improving RTGS and CHAPS services“. Notably, she continued, “Harmonization of messages through ISO 20022 will enable more systems to speak the same language and ultimately improve cross-border payments“. Was this a coded message, a cry for help, or a victorious announcement of their master plan? Only time will tell.
Yet, the narrative takes an ominous turn as we plunge into the race against the clock. While the power brokers gloat over the benefits of adopting ISO 20022, a startling revelation emerges – a staggering number of organizations are lagging behind, oblivious of the impending November 2025 deadline.
Recent data uncovers a chilling reality: only 72% of the 11,000 global banks in the SWIFT network will be ready to fully migrate by the deadline. The stakes couldn’t be higher. The remaining banks and organizations now face a daunting challenge: to upgrade their current payment systems.
Those still running on outdated legacy systems have the most to fear. The clock is ticking, and as the power dynamics in the financial world shift in favor of those who have embraced the ISO 20022 standard, those who are left behind may soon find themselves in a brave new world they are ill-prepared to navigate.
This is not a tale for the faint-hearted; this is the unfolding drama of a financial world order like no other.
A world order facilitated by ISO 20022, and ushered in by the seemingly innocuous QFS Payment systems currently available online.
Are we ready for what’s to come?
The clock is ticking… and the deadline looms ominously on the horizon.
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