Timeline for the migration
The migration to ISO 20022 will span a four-year period to allow all market participants to prepare and implement the standard.
Start to plan and budget for your migration.
Testing phase: Start to develop and test your ability to send, receive and process ISO 20022 CBPR+ messages, and the translation solution you have chosen. Ensure that you have plans in place to handle errors and exceptions during the transition.
| November 2021
The migration begins.
| November 2021 – 2025
Migration complete. All cross-border payments and reporting messaging will be ISO 20022-based, including interaction with SWIFTgpi and other associated services and products.
4 steps to plan for your migration
- Assess your current in-house expertise with ISO 20022 and CBPR+ Payments and Reporting
- Develop a framework for how your correspondent banking business is going to work under ISO 20022
- Map out the internal business units and applications that will be impacted by the migration
- Determine your migration strategy (in collaboration with your software vendors if and as required)