By late 2022, banks and financial institutions globally will migrate from legacy SWIFT MT financial messaging system to the highly structured and data-rich ISO 20022 standard.
- It’s expected that this worldwide adoption will have a profound impact on financial institutions, corporations, and any business with a stake in financial services and the high value payments industry.
- Over 70 countries have already adopted ISO 20022 in their payment systems including Switzerland, China, India and Japan. And with over 200 payment types in scope, ISO 20022 allows the harmonization of formats and data components from different payment methods that could not previously work together.
- ISO 20022 will apply to domestic, ACH, real time, high value and cross border payments.
“The adoption of ISO 20022 creates significant opportunities for banks. It will enable rich customer experiences, make compliance more efficient, and allow banks to future-proof their business and keep pace with new competition.”
– Saqib Sheikh, Global Head of the ISO 20022 programme at SWIFT.