ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction.
We have compiled a list of questions frequently asked about ISO 20022 by members of the Swift community.
Everything you need to know about ISO 20022 can be found here.
Foreign Exchange
ISO 20022 provides standardisation for Foreign Exchange transactions
Trade finance
ISO 20022 provides standardisation for Trade Finance transactions
What is ISO 20022?
In modern financial markets, success is built on accurate, real-time data.
Being able to efficiently exchange data is key to providing cheaper, better services today, and building bigger, more profitable businesses in the future.
That’s where ISO 20022 can help.
What the community is saying
BNY - What are the main benefits of adopting ISO 20022 for payments?
JP Morgan - What advice would you give to others adopting ISO 20022?
How ISO 20022 is helping BNY navigate the future of payments
We’re entering a critical phase of the global ISO 20022 adoption. With the end of the MT/ISO 20022 cross-border coexistence period coming in November 2025, Fedwire scheduled to migrate in March 2025, and multiple post-migration milestones on the horizon in 2026, we spoke to Isabelle Bouille from BNY about their journey to ISO 20022 adoption.
ABN Amro - Why is adopting ISO 20022 so important for the payments industry?
Wells Fargo - How did you approach the ISO 20022 for payments adoption?
EMR Consulting - What are the benefits of the new Hybrid Postal Address?
Why ISO 20022?
Richer, better structured and more granular data
ISO 20022 enables richer, better structured and more granular data end-to-end to be carried in payments messages.
Quality data means quality payments
More transparency and more remittance information for your customers which in turn means better customer service. And a better customer experience.
Improved analytics, less manual intervention
Further operational benefits include improved analytics, less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
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.
Worldwide adoption
Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects.
[Ebook] Supercharge your payments business with ISO 20022
Leading financial institutions share insights on the concrete benefits opened up by ISO 20022’s rich, structured data capabilities.
Swift at Sibos
Realising ISO 20022’s potential
Gain the knowledge and data-driven insights you need to take your ISO 20022 adoption, and your business, to the next level.
