ISO 20022 migration

The migration to ISO 20022 will change the way you send cross-border payments and reporting instructions. Find out what this means for you.

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.

| 2019

Start to plan and budget for your migration.

| 2020

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

A four-year coexistence period starts.

| 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)
0
White