Now is the time: Get ready for ISO 20022
The migration to ISO 20022 for cross-border payments and cash reporting messages is set to start in November 2021, and it is key that all users start to prepare now.
The migration will change the way banks exchange cross-border payment instructions and reports. Its impact will reach all users in the SWIFT community, which is why, in our role as a facilitator of the migration, we are working to ensure that by November 2025 every single institution in scope is ISO 20022 ready.
The mandatory migration applies only to cross-border payment instructions and reporting. Other transactions such as corporate payments and cash management, securities, FX, treasury and trade finance are currently not in scope.
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.
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects.
Learn more about ISO 20022
Gain a greater understanding of ISO 20022.
SWIFT’s role in supporting ISO 20022
As the Registration Authority for ISO 20022, we oversee the financial repository and safeguard the quality of the standard.
We have submitted or co-submitted more than half of all message developments to the ISO 20022 portfolio.
Market practice facilitator
A trusted harmoniser of global and local market practice for ISO 20022, we advise communities on best practice.
Knowledge and expertise provider
Our rich experience and knowledge of ISO 20022 enables us to bring invaluable support to market infrastructures and their communities.