ISO 20022

Definition

ISO 20022 is a global standard for electronic data interchange between financial institutions, designed to create a universal language for financial messaging across payments, securities, trade, cards, and foreign exchange2.

Context

Developed by ISO Technical Committee TC68 for Financial Services.

Uses XML syntax to structure messages with rich, standardized metadata.

Enables interoperability across systems and borders by defining message formats, business processes, and data elements.

Solutions

https://www2.swift.com/knowledgecentre/publications/stdsmt_nov_2025_upd_h_lvl_info/8.0

In 2018, Swift with the support of the Board, agreed to facilitate a community migration of cross-border payments from MT to ISO 20022 (IR 807, December 2018). Migration began in March 2023 with a period of coexistence during which MT and ISO 20022 can both be used. The coexistence period ends on 22 November 2025, and this date was reconfirmed for cross-border bank-to-bank payment instructions in June 2024 (IR 904).