Focus on payments instructions
The payments industry is in transition, converging from a wide variety of legacy message and data formats to ISO 20022: a common, global, end-to-end standard.
ISO 20022 adoption is a cornerstone of the Committee on Payments and Market Infrastructures (CPMI) agenda to improve cross-border payments.
At its March 2024 meeting, the Swift Board re-confirmed the community’s commitment to ending the coexistence period in November 2025, emphasising that priority should be given to payment instruction messages to ensure operational continuity and interoperability.
Swift and the Board urge members to reinforce their efforts to switch cross-border payment instructions (at minimum) to ISO 20022 in the coming 18 months. Swift will continue to provide resources to support the community in achieving this important milestone.
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