The ISO 20022 Co-existence period started in March 2023 and will now run until November 2025. Major market infrastructures such as Target, Bank of England CHAPs, and MEPS in Singapore have moved over to ISO 20022 for message processing. Currently, 17% of global payments traffic on Swift is now in ISO 20022 vs. FIN MT. Market Practice guidance is to avoid using enhanced data until later next year.
The technical migration to ensure that all participants on the network are enabled for FIN Plus/InterAct has gone very well, and the 20th March date passed with few issues. However, the real test will come as we start to see a ramp-up in the use of ISO 20022 messages and the introduction of enhanced data and requirements for greater use of the ISO 20022 structured fields.
Our mission is to support all stages of ISO 20022 readiness from ‘Connectivity Only,’ through to ‘Market Ready’ and the optimum positioning of being fully ‘ISO 20022 Native.' We will ensure our clients have the technical options to meet the strategy needed to adopt to support the system, client, and market requirements they have.
In this webinar Bottomline, Swift, and other experts discuss the current status of the ISO 20022 migration and what the key next steps are to make sure that you can meet the deadlines and fully maximize on the benefits of the new standard.
- What is the current status of CBPR+ & ISO 20022 migrations?
- What do the different stages look like now?
- What are the benefits of ISO 20022 native over the other options?
- What are some of the use cases for fully leveraging the benefits of ISO 20022?
- What are the next steps to prepare for the end of the co-existence period?
