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!
DB ISO 20022 Tutorials:
#18 Mapping Guidance
This video will give you a brief introduction to the newly developed CBPR+ derived data mapping guidance. Check out additional resources on the CBPR+ MyStandards page to further explore the topic.
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).