ISO 20022 Migration Begins

As part of the CBPR+ initiative for 2023-2025, SWIFT introduced and formalized ISO 20022 for financial institutions for cross-border payments and reporting in March. Until November 2025, there will be a parallel period during which financial institutions can send current MT messages, and organizations should gradually adapt to the new SWIFT standard.

ISO 20022 introduces numerous improvements in terms of content, structure, and standardization of information exchange between financial institutions while enabling greater transparency, more efficient processing, and new business development opportunities.

ISO 20022 implementation also presents numerous challenges for financial institutions in terms of adapting existing systems and ensuring compliance with the new standard. The comprehensive changes in financial messages introduced through the new standard will require careful planning and investments to ensure a painless transition to the new standard.

We are pleased to announce the new version of our Fin+ Adapter, which, in addition to its existing support for the SEPA standard, now also offers integral support for data exchange in the ISO 20022 format. The flexible and open platform of our Fin+ Adapter enables simple, secure, and efficient processing, validation, parsing, persistence, and generation of messages according to the ISO 20022 standard while providing support for all standard enterprise message exchange channels (databases, file systems, web services, message queues, and others).

If you have not yet started implementing the ISO 20022 standard, we are happy to assist you on this journey with our consulting services, solutions, and implementation of the ISO 20022 standard.