The use of a payment order when transferring funds as part of the transition to the international standard for the exchange of financial messages ISO 20022 in the national payment system

This article discusses the features of the upcoming transition of the national payment system (NPS) of the Russian Federation to the international standard for financial message exchange, ISO 20022. Special attention is paid to assessing the benefits of implementing this standard for Russian participants in the payment market. The article highlights important changes in the current regulatory framework aimed at ensuring a gradual transition to the use of a new universal form of settlement document established by the Bank of Russia for conducting non-cash payments in accordance with the requirements of the ISO 20022 standard for domestic and cross-border transfers of funds. The conclusion is that it is important to prepare the payment market participants for the upcoming transition, which will make money transfers safer, faster, and more informative in the future.