ISO 20022 migration: will it be a marathon or a sprint?
The SWIFT community responded to the consultation on a proposed migration to ISO 20022. A report of the feedback received is now available.
ISO 20022 migration – will it be a marathon or a sprint?
In April this year, we launched a large scale community consultation to review the timing and practicalities of a migration of MT traffic towards ISO 20022 (see here for more info).
The survey closed beginning of June with more than 100 responses received, including responses of 44 countries (including 19 of the Top 20 countries), as well as individual responses from 38 of the Top 50 Financial Institutions.
We would like to thank all respondents for their contribution to this important consultation and look forward to continuing the dialogue.
So what did the SWIFT community tell us?
The first results indicate that the SWIFT community believes a migration of payments MT traffic to ISO 20022 is justified, and agrees with the phased approach and proposed start date in 2021.
A summary report of the responses can be downloaded here.
Further detailed analysis of the input is ongoing and SWIFT will be discussing the feedback with key internal and external stakeholders to formulate a recommendation to the SWIFT Board. The final report will be shared with the SWIFT community via the National Member/ User Groups in December 2018.
In the meantime, the ISO 20022 migration will be part of the dialogue and the rich programme Standards are bringing this year at Sibos in Sydney. Please see sibos.com for the full programme and join the conversation on the way forward.