In 2025, the payments industry will transition to the standardized ISO® 20022 message format. This change will replace existing formats like SWIFT MT messages, Fedwire® Funds messages, and other proprietary systems currently used in payment systems.
Bookmark this page. It will provide resources, including time lines, documents, and FAQs, to help you understand and prepare for this migration.
ISO® 20022 offers a unified financial messaging language that will be adopted by all financial institutions and payment systems. This new standard will make payments and messages richer, more structured and standardized. You will be able to send more detailed information with payments and receive more comprehensive data for reconciliation1.
Consistent messaging standards will streamline communications among industry participants, leading to more efficient payment processing. This new global standard will facilitate automated processes, improve reconciliation and risk management, and provide richer reporting.
Every day, financial institutions around the world send millions of messages back-and-forth. With so many messages flying around, it is important for financial institutions to understand each other clearly to avoid errors and delays.
As digital transactions first began to arise, banks and financial systems often created their own language to communicate important information with others. Fast forward a few decades, and we now have a multitude of transaction formats and communication styles. On top of that, trying to communicate in real time adds an additional layer of complexity that has left the payments industry with quite a translation problem.
Read this Insights article, "Transforming the Future of Financial Payments"
