Helping you ensure a smooth transition to the new global standard
As announced in September, in 2021 Swift will begin migrating all cross-border and many-to-many payments onto ISO 20022. This decision comes after large scale community consultation that took in feedback from a wide variety of stakeholders.
We want to ensure the entire Swift community is well informed and prepared for the migration. Below you can find more information about the approach we are taking and what it means for you.
A four-year co-existence phase
We have aligned the start date of our migration in 2021 with the adoption of ISO 20022 of the Eurozone’s high value payments systems.
A four-year co-existence phase will allow all members of the Swift community to make the switch.
The migration will cover MT categories 1, 2 and 9 and will impact correspondent banks as well as other users of these messages, including securities players
We are not setting a deadline for the migration from MT category 5, but will provide the capability on the network to ISO 20022 for securities flows.
Encouraging industry-wide collaboration
During this process, we will work closely with the community to formulate and refine market practice guidelines.
In tandem with the Payments Market Practice Group (PMPG), we have created the Cross-Border Payments and Reporting Plus (CBPR+) working group to develop global usage guidelines. We will invite our community to review and feedback on these guidelines as they mature.
We will also provide a central translation service to ensure successful community migration and to facilitate the co-existence phase. This service will also implement the rules formulated by CBPR+, and all users will be automatically enrolled.
We will also provide testing environments where you will be able to test your ISO 20022 messages and make sure they conform to market practices, as well as experiment with the translation procedures
Maintaining community engagement
The migration to ISO 20022 is a community-driven event and will require regular engagement from and dialogue with our users. We will therefore continue to communicate regularly on the progress and next steps.
We look forward to working closely with all our customers during this transformation to ensure it is successful for all
For more information, contact us
