Table of contents
How will ISO 20022 implementation impact different players in the industry?
ISO 20022 will impact all financial institutions active in cross-border payments as well as market infrastructures and third-party vendors. Organisations will have to think about and consider how they will manage, disseminate and store the richness of data provided by the new functionalities enabled by ISO 20022.
What is the ISO 20022 timeline for adoption?
SWIFT will facilitate industry migration of cross-border payments and cash reporting as of end 2022. The migration will end by November 2025, by which time all financial institutions must be able to send and receive ISO 20022 CBPR+ compliant messages for cross-border payments.
What standards management tools are available and where can they be found?
MyStandards is a web-based platform provided by SWIFT to facilitate the management and implementation of ISO 20022 (and FIN MT) standards and related market practice information. This is thanks to the collaborative sharing of published guidelines, user testing via the Readiness Portal and translation via the SWIFT Translator. Everyone can browse the ISO 20022 standards (CBPR+ or Market Infrastructure related guidelines) in MyStandards.
At what point will MT be decommissioned?
MT Categories 1, 2 and 9 will be decommissioned as of November 2025 for cross-border payments only.
What are the new timelines leading to November 2022 for the various activities (release of standards, testing etc.)?
There are three main steps for customers adopting ISO 20022 and CBPR+ for their cross-border payments and reporting exchanges.
- First, in 2020, building awareness about the change through the various resources SWIFT makes available and assessing the impacts in collaboration with Vendors, if any.
- Second, throughout 2020 and 2021, implementing the defined solution for adopting the change, testing it internally and preparing for further testing on the “real” network.
- Third, throughout 2021 and 2022, testing on the network with and without selected correspondents, and preparing for going live.