[rswail]

Great article that exposes why ISO20022 will replace 8583 over time, especially in areas not dominated by the M/V monopoly networks.

Credit cards, with all their nonsense about cash backs and rewards can be imnplemented in the new payment systems with banks offering line of credit accounts that are part of the appropriate "national payment system", like UPI, PromptPay, Osko/PayID, FedNow etc.

Instant settlement between accounts, low cost fixed price txns etc.

[sirn]

Fun anecdote: Thailand's entire banking network (including regular wire transfer) was implemented with ISO 8583 (!). Part of the AnyID master plan (later renamed to PromptPay) was to replace the country's (ab)usage of ISO 8583 with ISO 20022. The Ministry of Finance hired a UK-based Vocalink to build this converter, among with other systems MoF hired them for. (AFAIK, the entire stack was written in Erlang.)