“ISO 20022 coexistence begins, opening new possibilities for cross-border payments
Standards,
20 March 2023 | 3 min read
Migration to the ISO 20022 standard for cross-border payments and reporting (CBPR+) successfully began on 20 March 2023, marking an important milestone for the global payments industry. Both MT and ISO 20022 messages will be supported through November 2025.
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After years of intense preparation by the global financial community, the migration to ISO 20022 for cross-border payments and reporting (CBPR+) officially began on 20 March.
This marks a significant milestone for the payments industry and the start of a coexistence period until November 2025 where both MT and ISO 20022 messages will be supported, enabling financial institutions to migrate to the new standard at their own pace.
We look forward to continuing to work with the payments industry to unlock new opportunities as institutions move to fully adopt ISO 20022 and benefit from its richer, more structured data.
Pat Antonacci Chief Customer Experience Officer, Swift”
Yo so we are totally, completely off SWIFT in Nov
Ppl were saying the switch starts in Nov but the damn switch started in 2023!!!!