Major reserve currencies and payment market infrastructures (PMIs) are adopting ISO 20022, recognising the benefit of the standard for cross-border and domestic payments. By November 2025, we estimate that about 80% of RTGS volumes will move on ISO 20022 rails.
Milestones in the adoption of ISO 20022 include:
- The UK’s CHAPS system migrated to ISO 20022 in June 2023, with CHIPS in the US due to migrate in April 2024 and the Fedwire Funds Service set to follow on 10 March 2025.
- PMIs including EURO1 and T2 in Europe, South Africa’s SAMOS system, and MEPS+ in Singapore, have already completed their migration to ISO 20022.
- Australia (RITS), Canada (Lynx), and New Zealand (ESAS) all began their migration on 20 March 2023 with the introduction of a coexistence period.
- Other upcoming migrations include Hong Kong’s CHATS system in April 2024 and Singapore’s SCRIPS system in Q2 2024.
Cross-border payments over Swift are moving to ISO 20022 as well – a clear reflection of the industry’s appetite for better data quality.
- In the first three months following the start of migration to ISO 20022 for cross-border payments and reporting (CBPR+), which began on 20 March 2023, we saw a daily average of over 600,000 CBPR+ messages – representing 15% of the total cross-border payments traffic on the Swift network.
- CBPR+ exchanges already involve over 1,000 sending institutions, and over 5,500 receiving institutions.
- Significantly, 25% of the received traffic is in ISO 20022 format, without intervention from the Swift In-flow Translation service – a network service that translates ISO 20022 into the MT format.
- It’s clear that the time to adopt ISO 20022 is now. The financial community has been ready to receive ISO 20022 traffic since March. You can now make the move at your own pace, without having to consider the readiness of your counterparties.
So how can your firm set out a successful ISO 20022 strategy?
Meet the use cases
This content explores use cases already being used by leading financial institutions.
- Some of these can help you run your business by helping you generate efficiency gains.
- Others can help you grow your business by delivering benefits for your customers, while protecting or growing your market share.
Details of these use cases have been sourced from ISO 20022 early adopters: Banco de Credito e Inversiones, Barclays, Central 1, Citi, Commonwealth Bank, Deutsche Bank, EQ Bank, Lloyds Banking Group, MUFG Bank, Scotiabank, Standard Chartered Bank and Wells Fargo, with insights also provided by EY.
Read on to find out more about how you can supercharge your business with ISO 20022 and gain insights to help you develop your internal business case.