13 Days Left Until Global Banks Must Adopt ISO 20022
The post 13 Days Left Until Global Banks Must Adopt ISO 20022 appeared on BitcoinEthereumNews.com.
The deadline has been set by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to fully implement its new system for exchanging financial data ISO 20022 supports much richer data fields than the older MT standard, including purpose codes, structured identifiers, details about the payer or beneficiary, and remittance data A report from Central Banking in June showed that almost half of the world’s central banks haven’t yet upgraded their main payment systems to the new ISO 20022 standard Big financial institutions worldwide are set to complete the transition from legacy payment-messaging formats (the MT series) to ISO 20022’s XML-based MX format by 22 November 2025. The deadline has been set by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to fully implement its new system for exchanging financial data. This marks the end of the co-existence period, where old and new formats operated side by side. Some banks and payment infrastructure providers have already been preparing for this in advance. Related: Cardano Price Prediction: ISO 20022 Hype Sparks Attention ISO 20022 supports much richer data fields than the older MT standard, including purpose codes, structured identifiers, details about the payer or beneficiary, and remittance data. It allows better transparency for AML and KYC, helps settle transactions more easily, and supports the process of turning physical assets into digital tokens. The global shift to the new ISO 20022 financial messaging system has been delayed three times since it was first introduced around five years ago. Interestingly, a report from Central Banking in June showed that almost half of the world’s central banks haven’t yet upgraded their main payment systems to the new ISO 20022 standard. Out of the 49 central banks that shared data, less than 45% had fully implemented it, while just over 6% had only done so in some parts…
