As the financial sector rapidly approaches the November 2025 CBPR+ deadline, „adopting the ISO 20022 global payment standard has never been more essential. With the industry moving forward, now is the time to act.
Cross-border payments and reporting plus (CBPR+) update
ISO 20022 adoption continues to gain momentum, with the average daily payment instructions now exceeding 1.6 million – nearly double the figure from March 2024, according to a press release. This growth is driven by a 50% increase in the number of BICs (Bank Identifier Codes) adopting ISO 20022.
„We continue to see Payment Market Infrastructures (PMIs) prepare their own domestic solutions to enable ISO 20022 for payments – with many intending to migrate later in 2025. Most recently we saw Chile, Lesotho, and Norway celebrate successful migrations, meaning that 32% of Swift connected PMIs have now enabled ISO 20022 for their participants. These PMIs account for an impressive 75% of Swift’s global PMI traffic volume.” – Swift said.
While these figures demonstrate significant progress, there is still work to be done. With just over six months remaining until the deadline, time is of the essence.
Whether you have completed your migration or are still in progress, it’s crucial to share these insights with your peers and counterparts to ensure collective readiness for the upcoming transition.
Three key considerations for the November 2025 deadline:
1. Know how you will be impacted to avoid disruption to your clients
Use Swift ISO 20022 toolkit to check how you will be affected once the co-existence period comes to an end.
2. What steps you need to take to be ready
Use Swift ready-made project plan with te company’s Project Navigator tool.
3. Start testing
Perform testing and validation on your changes to ensure there are no unexpected surprises when you go live. And, be aware of and test your systems against the additional network validated rules for Contingency Processing for category 1 and 2 payment instruction messages, for which the advance information is included in the SR2025 Release Guide. The availability dates of the test environment are listed on swift.com.
Case Management: Transforming Exceptions and Investigations
The enhanced Case Management service, launched in November 2024, is designed to revolutionise how banks manage exceptions and investigations (E&I). It promotes operational efficiency by centrally facilitating the exchange of messages for both E&I and payment cancellation (Stop and Recall) purposes.
By transitioning from point-to-point messaging and unstructured formats like MT 199/299, the service now offers:
. Structured ISO 20022 messages (camt.110/111), developed for standardisation and enhanced clarity.
. Centralised and streamlined processes, which reduce costs, improve customer experience and protect reputations.
Key highlights
. Successfully piloted by 31 banks and 5 vendors.
. Now available to all banks on an opt-in basis, with 7 banks already live as of April 2025.
. Over 170 Case Management subscriptions submitted as of April 2025.
Adoption timelines
. November 2026: All financial institutions must be able to receive camt.110 messages with an embedded MT 199 (in-flow translation) through Case Management. All payment cancellation requests and responses must be routed through Stop and Recall/ Case Management (supports MT and ISO 20022 formats).
. November 2027: All financial institutions must send and receive E&I messages (camt.110/camt.111) through Case Management (no in-flow translation support). All payment cancellation requests and responses must be in ISO 20022 formats (camt.056/ camt.029).
MT messages for E&I and payment cancellation purposes will be either removed or retired in November 2027.
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Cross-border payments and reporting plus (CBPR+) is a workgroup of payments experts whose mission is to create global ISO 20022 Market Practice and Implementation Guidelines to ensure a common roll-out and implementation of ISO 20022 by banks.
CBPR+ usage guidelines define how ISO 20022 messages are to be used for cross-border payments and cash reporting on the Swift network and are to be validated.
In 2018 the Swift community decided to adopt ISO 20022 for cross-border payments and reporting. With the new standard used in over 70 countries, and forecast to be used in 80% of clearing and settlement of high-value payments by 2025, financial institutions gave Swift the mandate to facilitate the move to this new language of payments.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
