ISO 20022 is the preferred choice of messaging standard for market infrastructures (MIs) around the world. By 2025, all reserve currency high-value payments systems (HVPS) will have fully transitioned to rich ISO 20022, and more than 90% of HVPS value worldwide will move on ISO 20022 rails.
As ISO 20022 implementations proliferate, variability in the ways how ISO 20022 is deployed (in terms of message versions, market practice rules and release cycles), its value needs to be reinforced by global alignment on these points.
Part of our commitment to helping the MI community is the ISO 20022 Harmonisation Charter, which specifies standard implementation templates and conventions, to which most MIs have signalled their commitment to align.
The success of the ISO 20022 harmonisation programme depends crucially on engagement from the market infrastructures community. If your organisation or your community is interested in receiving additional information please contact your account manager or regional representative.
PMI usage guidelines and adoption timelines
PMIs are responsible for defining, maintaining and publishing their own usage guidelines. PMIs have the option to use Swift’s MyStandards platform to publish their UG for consultation by their participants.
Participants should contact their PMI to receive information regarding the availability and publication of UG as well as the latest updates on the timeline of the migration project. We have developed an ISO Accelerator Pack based on global best practices interoperable with cross-border payments.
For more information, please refer to the MI Adoption Guide.
Translation rules for MIs adopting ISO 20022
Participants should contact their PMI to receive information on the translation rules between the current domestic format and the future ISO 20022-based implementation. Some PMIs may publish this information on MyStandards either as separate documents or as textual rules within their ISO 20022 usage guidelines. For PMIs adopting the Swift ISO Accelerated Pack, which is based on global best practices interoperable with cross-border payments, a translation library is available for participants which is accompanied by translation documentation.
Note: Swift does not mandate PMIs that use Y or V topology to adopt ISO 20022. PMIs and their communities can decide individually whether and when to migrate.
How can we help?
We are committed to making this transition as easy as possible for our community and provide consulting services to support you.
To support your operating environment in its adoption of ISO 20022, we have a comprehensive portfolio of flexible and customisable support and care services.
