This marks a significant milestone for the payments industry and the start of a coexistence period until November 2025 where both MT and ISO 20022 messages will be supported, enabling financial institutions to migrate to the new standard at their own pace.
Migration to the ISO 20022 standard for cross-border payments and reporting (CBPR+) successfully began on 20 March 2023, marking an important milestone for the global payments industry. „Both MT and ISO 20022 messages will be supported through November 2025.” – according to the press release.
After years of intense preparation by the global financial community, the migration to ISO 20022 for cross-border payments and reporting (CBPR+) officially began on 20 March.
The rich and structured data enabled by ISO 20022 is an essential element of the next generation of payments. It’s the foundation for financial institutions to work smarter and faster, leading to greater operational efficiency, improved data analytics and compliance, new opportunities for innovation and enhanced customer experiences that promise to transform the payments landscape.
“The go-live of ISO 20022 for CBPR+ and the start of the coexistence period represents the huge collective effort of the entire Swift community and opens significant possibilities for the future,” said Pat Antonacci, Chief Customer Experience Officer at Swift. “We look forward to continuing to work with the payments industry to unlock new opportunities as institutions move to fully adopt ISO 20022 and benefit from its richer, more structured data.”
„We’re now entering the next stage of the community’s adoption journey as we move toward full community-wide adoption of ISO 20022 and its rich, structured data. Swift will continue to provide support throughout the coexistence period.” – the company says.
„We are also continuing to support real-time gross settlement systems (RTGSs) in adopting ISO 20022 for domestic payments, with several major market infrastructures already migrating or preparing to adopt the standard. On 20 March, RTGSs in several key domestic markets – Australia (RITS), Canada (LYNX), Europe (EURO 1 and T2), and New Zealand (ESAS) – also started their migration to ISO 20022, with others set to go live over the coming months and years.” – Swift explains.
To find out more about the benefits of ISO 20022 for your business, visit Swift ISO 20022 hub.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: