Upgrading JoMoPay to the ISO20022 Standard

In line with JoPACC’s strategy (2019-2022) that sets the high-level goal of comprehensive and innovative digital payments benefiting all and contributing to the financial inclusion in the Kingdom, and as part of its endeavors to enhance the payments infrastructure and realize interoperability between payment schemes, JoPACC has upgraded the JoMoPay Switch to the latest ISO20022 standard. ISO20022 is an emerging global and open standard for payments messaging with enriched data content in the messages, allowing system participants to exchange sufficient data that enhances the integrity of the financial message. CliQ, JoPACC’s instant payment system, runs on the same messaging standard, offering a bundle of features that make transactions run more smoothly and efficiently.

The main breakthrough of this step is that both schemes, CliQ and JoMoPay will run over the same instant payment infrastructure, allowing for intra- and inter-scheme interoperability. In other words, instant transfers between bank accounts and mobile wallets will become a reality. Additionally, payment acceptance will expand as interoperability is guaranteed, and payment acceptance outlets will be able to receive payments from all banks and all mPSPs.  

JoPACC is currently working with all mobile payment service providers (mPSPs) on upgrading their systems to the new messaging standard. JoPACC accompanies mPSPs in the message validation and certification process, which is followed by a pilot phase before going live to end customers on the new upgraded switch, expected before the end of this year.

It is envisioned that this milestone will increase the uptake of digital financial services and the execution of transactions between mobile wallets and bank accounts. The convenience and availability of interoperable, instant, digital payments at low cost will presumably expedite the transformation to digital payments in the Kingdom towards a digital economy.