The Bank of Israel’s Payment and Settlement Systems Department is urging those with expertise on international money transfers to join a global hackathon on the use of an advanced system for payments.

The goal is to develop solutions to improve the cross-border payment system by adopting the advanced international ISO 20022 Standard for payment messages. The Bank of Israel’s Payment and Settlement Systems Department leads the integration processes for ISO 20022 in Israel.

The standard—adopted at a global level by payment system operators, payment service providers and banks—makes data-rich payment messages possible and speeds up processing procedures.

Ultimately, ISO 20022 will facilitate cross-border payments that are less expensive, faster and more transparent.

The hackathon, to take place March 12-19, is being sponsored by the Bank for International Settlements Innovation Hub and SWIFT (Society for Worldwide Interbank Financial Telecommunication), an international clearinghouse for cross-border payments.

The Bank of Israel, which joined the Bank for International Settlements as a full member in 2003, is encouraging payment system operators, payment service providers, banks and fintech companies to register for the hackathon.

Three teams among the participants will be chosen by a panel of judges to present their hackathon solutions at a future virtual conference.

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