Get ready for March 2023
High quality payments data is becoming a reality. March 2023 marks the start of migration to ISO 20022 (MX) for cross-border payments and reporting (CBPR+), with a coexistence period with MT messages until November 2025.
Whether you’re adopting the standard from the start of the migration period or not, as a Swift customer, the mandatory action you need to perform before March 2023 is to upgrade your messaging interface (to ensure your messages are processed). Testing the receipt of multi-format MX messages (ISO 20022 + MT) generated by the In-flow Translation service on FINplus is also highly recommended.
To ensure you understand how all ISO 20022 changes will impact you and to help you get ready, we’re engaging with our community to outline all you need to know for March 2023. We are here to support your adoption journey as we move towards ISO 20022 go-live and coexistence.
Payments are entering a new era with ISO 20022
ISO 20022 for FIs
Industry initiatives, internal optimisation projects, and customer demand are driving more financial institutions to adopt ISO 20022.
ISO 20022 for Market Infrastructures
Almost 200 MI-driven initiatives are either already implementing ISO 20022 or are considering adoption for payments and securities transformation projects.
ISO 20022 for Vendors
Swift is working closely with vendors to provide specifications, tools and test services to support our shared customers in ISO 20022 adoption.
The latest ISO 20022 news
Keep on top of the latest ISO 20022 resources to ensure you're in-the-know regarding the adoption of the new standard.
