Why you should adopt it now for cross-border payments
Starting in March 2023, the way the Swift community exchanges payments messages will be transformed with ISO 20022. This will unlock huge opportunities for financial institutions, such as boosting operational efficiency, enhancing customer experience, and enabling innovative new services.
A global and open standard, ISO 20022 creates a common language for payments worldwide. And its higher quality data means better payments for all. Whether you’re adopting ISO 20022 as from the start of the migration period or not, learn more about the mandatory actions you need to perform before March 2023.
ISO 20022 Adoption programme for CBPR+
The ISO 20022 Adoption Programme will change the way you send cross-border payments and reporting instructions.
Timeline
March 2023 is the date our payments community is getting ready for. Find out what you need to do and when.
Documentation
Find all the ISO 20022 resources you'll need, from essential guides and learning modules to the latest collateral, multimedia, reports and publications.
Frequently Asked Questions
We have compiled a list of questions frequently asked about ISO 20022 by members of the Swift community. Indexed by theme, everything you need to know about ISO 20022 can be found here.
Why ISO 20022?
Richer, better structured and more granular data
ISO 20022 enables richer, better structured and more granular data end-to-end to be carried in payments messages.
Quality data means quality payments
More transparency and more remittance information for your customers which in turn means better customer service. And a better customer experience.
Improved analytics, less manual intervention
Further operational benefits include improved analytics, less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
Supporting end-to-end automation
A single standard that covers all business domains and end-to-end business processes, ISO 20022 facilitates the creation of new services and enhanced straight-through processing.
Using modern technology
ISO 20022 uses modern, mainstream XML technology which is well supported and which facilitates efficient integration.
Worldwide adoption
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects.
Case studies
ISO 20022 in focus with Citi
ISO 20022 in focus with HSBC
ISO 20022 in focus with Deutsche Bank
Community content
J.P. Morgan: Four steps to mastering the new ISO 20022 standard for cross-border payments
As the cross-border payments transition to the ISO 20022 international standard nears, take a look at what you need to do to ensure you’re ahead of the changes.
This article was originally produced by J.P. Morgan.
The Asian Banker: ISO 20022 strives for 100% STP
Understand the impact adoption of the new standard will have on the banking and payment industries and what challenges and opportunities they will face as they modernise international settlement.
This article was originally produced by the Asian Banker.
Standard Chartered: Richer data for greater certainty – ISO 20022
While adoption of ISO 20022 for cross-border payments is set to create a common standard for payment data across the globe, implementation is likely to have differing implications for corporates and financial institutions alike.
This article was originally produced by Standard Chartered.
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