SWIFT is set to delay the ISO 20022 migration date for cross-border payments from November 2021 to the end of 2022, reflecting challenges banks face in preparing existing infrastructure for the transition.
The common global data ‘language’ is expected to see widespread payments industry adoption, so following feedback from the SWIFT community, the deadline it has been extended by a year. The ultimate deadline of November 2025 for decommissioning the legacy SWIFT MT standard remains in place.
A statement from SWIFT explained that it will enable ISO 20022 messages for cross-border and cash reporting payments starting from the end of 2022, “so that banks can adopt at their own pace, and reduce the total industry costs of realising the benefits of ISO 2022 together with the new platform”.
The note added: “This means that financial institutions can maintain existing standards or migrate, and plan change at their own pace in line with their own innovation priorities.”
Last month, Pay.UK launched a consultation into the clearing and settlement capability of the New Payments Architecture, focusing on the payments authority’s recommended approach to use the global standard ISO 20022 for the clearing and settlement infrastructure, which will change the way that all UK retail payments are processed.
Pay. UK is looking to gain feedback from the wider payments industry on defining the ISO 20022 standard, and the business rules that apply to this standard.
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