ISO 20022 migration study
Community consultation to determine the timing and approach for migration of cross-border MT traffic to ISO 20022 across various business areas
What is ISO 20022 migration survey?
The use of the ISO 20022 standard is growing across the world for many types of business, driven by new and updated Market Infrastructures (MIs). For high-value payments, the standard is already in use in some markets including Switzerland and China, and the US, Eurozone and UK expect to migrate to ISO 20022 in a 2021 - 2025 timeframe. The securities industry also uses ISO 20022 thanks to securities MIs, including TARGET2-Securities, adopting the standard.
SWIFT’s focus has been on supporting MIs and their communities in the adoption of ISO 20022, while maintaining SWIFT MT as the preferred standard for cross-border business. However, ISO 20022 supports more data and richer data structures than MT, and the requirement to provide full data end-to-end for cross-border transactions that include MI processes points to a longer-term need for cross-border ISO 20022. ISO 20022 also helps address evolving industry concerns including the need for payments data transparency.
To address these needs strategically, SWIFT, with the support of the SWIFT Board, has initiated a study to review the timing and practicalities of a migration of cross-border MT traffic towards ISO 20022 for both payments and securities business. The study will consider all aspects of migration, including timing, implementation strategy and phasing, community readiness, technology, market practice, interoperability with MIs, new messaging capabilities and value-added features, and tools and support. A consultation with all relevant stakeholders is planned for the first half of 2018. The study will draw on the results of this consultation to deliver a final report to the SWIFT Board in the second half of 2018.
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
Adopted by market infrastructures around the world
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects
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.