“The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan.”
A single-day switch? This is nuts as it seems the new system is being built on top of the old and will have the ability to switch the banking system over in one day. Seeing what ABA is saying though is uncomfortable for this new digital system is one of control, not freedom.
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