ISO 20022 migration study
Community consultation to determine the timing and approach for migration of cross-border MT traffic to ISO 20022 across various business areas
What is ISO 20022 migration survey?
The use of the ISO 20022 standard is growing across the world for many types of business, driven by new and updated Get open (MIs).
SWIFT’s focus has been on supporting MIs and their communities in the adoption of ISO 20022, while maintaining SWIFT MT as the preferred standard for cross-border business. However, ISO 20022 supports more data and richer data structures than MT, and the requirement to provide full data end-to-end for cross-border transactions that include MI processes points to a longer-term need for cross-border ISO 20022.
To address these needs, SWIFT initiated a study to review the timing and practicalities of a migration of cross-border MT traffic towards ISO 20022 for both payments and securities business.
Supporting end-to-end automation
A single standard that covers all business domains and end-to-end business processes, ISO 20022 facilitates the creation of new services and enhanced straight-through processing.
Using modern technology
ISO 20022 uses modern, mainstream XML technology which is well supported and which facilitates efficient integration.
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects
SWIFT’s role in supporting ISO 20022
As the Registration Authority for ISO 20022, we oversee the financial repository and safeguard the quality of the standard.
We have submitted or co-submitted more than half of all message developments to the ISO 20022 portfolio.
Market practice facilitator
A trusted harmoniser of global and local market practice for ISO 20022, we advise communities on best practice.
Knowledge and expertise provider
Our rich experience and knowledge of ISO 20022 enables us to bring invaluable support to market infrastructures and their communities.