Starting from November 22, 2025, the global financial system has fully transitioned to ISO 20022 for cross-border payments. This transition, managed by Swift and supported globally, was initiated in response to recommendations from the G20 and the Committee on Payments and Market Infrastructures since 2018.

The structured data model within ISO 20022 is crucial for enhancing the speed, transparency, and interoperability of international transfers. Following its introduction in March 2023, financial institutions had time to adjust before MT format messages were discontinued for cross-border transactions and reports.

Migration Efforts

Swift data revealed that nearly all payment instructions on the first day of mandatory use were already in the ISO 20022 format. To ensure smooth operations, a temporary conversion service translates remaining MT messages into this new format.

A Swift representative highlighted the extensive coordination required for this industry-wide shift, emphasizing how ISO 20022’s data fields support compliance and facilitate digital transformation within the sector. The standard is anticipated to drive future payment initiatives that will improve predictability and settlement times for both retail and wholesale users. Additionally, it could form a basis for work on shared ledgers and managing tokenized assets, aligning with ongoing efforts to explore interoperability between traditional and decentralized financial systems.

With the technical migration now complete, Swift is focusing on assisting institutions in leveraging the full potential of ISO 20022 data. The organization continues to offer guidance and analytical tools to help companies adapt their processes, assess efficiencies, and develop new services based on ISO 20022-compliant information.