ISO 20022 MIGRATIONGet ready for the industry´s largest transformation
ISO 20022 migration first-hand
With the ISO 20022 migration deadlines fast approaching we are pleased to welcome you to our knowledge repository, which offers educational material and first-hand insights on ISO 20022 migration in high-value payments
Whether your interest is in the ISO 20022 standard itself, its adoption in the correspondent banking (SWIFT) and one-to-many space (Market Infrastructures), or the implications for corporates – get started here to learn and stay up-to-date with exclusive content:
- Tutorials: watch our bite-sized videos that explain complex concepts in a simple way
- Blogs: catch experts' insights on the impact ISO 20022 is having on their particular area of expertise
- FAQs: learn more from our section on frequently asked questions about ISO 20022
- Media: explore the latest news releases, insights and webinars on ISO 20022 in our media gallery
We look forward to sharing the ISO 20022 journey with you!
Recent blog posts
ISO 20022 migration in high-value payments is a global initiative, which aims to achieve harmonized standards for the exchange of high-value payment messages. ISO 20022 is a messaging standard that creates a common language for payment data across the globe, enabling faster processing and improved reconciliation.
In correspondent banking (many-to-many space), SWIFT will introduce ISO 20022 in Nov 2022. Among Market Infrastructures (one-to-many space), migration to ISO 20022 is set to be introduced as part of their modernization programs, e.g. T2-T2S Consolidation project in Europe.
No. ISO 20022 migration is not mandatory from a regulatory perspective. However, given the complexity of the change, those that do not act now potentially risk being excluded from international payment systems/excluded from central bank money (applicable to those connected to RTGS).
As a result, this migration should also be used as an opportunity for a future-proofed standardization strategy and, for some, a reassessment of market positioning and business models.
The transition to ISO 20022 brings a host of benefits. In particular, due to its rich structure, ISO 20022 facilitates improved transparency and an increase in operational efficiency in terms of “straight-through-processing” (STP) as well as message filtering. Moreover, it represents a future-proofed payment standard that can be easily incorporated into existing back-office systems, but also serve as a “principal standard” across established and new (eco)-systems.
In summary, ISO 20022 can:
- Provide greater interoperability between settlement networks
- Enable the transmission of richer payments data
- Facilitate higher levels of straight-through-processing
- Enable more efficient compliance processes.
ISO 20022 offers a far richer structure than MT and includes additional/new data elements, which makes it difficult to compare both standards line by line. In particular, ISO 20022 messages introduce a new message set-up, new elements, optionality, granularity, extended character set & character limitations, and new identification options.
To make yourself familiar with ISO 20022 Usage Guidelines, please access the MyStandards platform (SWIFT account required).