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BREADCRUMB

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 3. News
 4. One-year countdown to ISO 20022 for CBPR+ begins


ONE-YEAR COUNTDOWN TO ISO 20022 FOR CBPR+ BEGINS

Standards,
4 December 2024 | 7 min read

Early adopters highlight key benefits of richer data as community enters final
year of the MT/ISO 20022 cross-border coexistence period for payments
instructions.

Share

 * 
 * 
 * 

Payments are entering a new era with the introduction of the ISO 20022 standard
as the common language for payments worldwide.

Early adopters are already beginning to see improvements, including increased
interoperability across systems and enhanced processing capabilities, but more
are expected as momentum builds towards the 2025 deadline.

ISO 20022 is a bridge to operational excellence and compliance.
Atanas Mwilu Head of Operations, Diamond Trust Bank
November 2025 will be defined as a landmark moment for our industry.
Isabel Schmidt Executive Platform Owner, Enterprise Payments, BNY
It’s crucial for financial institutions to maintain momentum in adopting this
new standard.
Mark Evans Global Head of Cross-Border Payments, HSBC
The conversion to ISO 20022 is a critical milestone for the payments industry.
Dean Henry Managing Director, Head of Core Money Movement and Platforms, Wells
Fargo
ISO 20022 presents a unique opportunity to advance interoperability, aligning
closely with the G20 roadmap objectives.
Celia Ardyasa Director, International Network Management, Commonwealth Bank of
Australia
Early adoption has helped us uncover significant benefits and address
pain-points for our clients.
Tesy Mathew Group Head of Cash Product Management, DBS
The Southern African banks are fully committed to the ISO 20022 journey.
Sean Mouton Chief Technology Manager, ABSA
The transition to ISO 20022 enables us to strengthen our operations through
improved data structuring and enhanced message processing capabilities.
Engin Turhan EVP, SME and Commercial Banking, QNB Türkiye
ISO 20022 is a bridge to operational excellence and compliance.
Atanas Mwilu Head of Operations, Diamond Trust Bank
November 2025 will be defined as a landmark moment for our industry.
Isabel Schmidt Executive Platform Owner, Enterprise Payments, BNY



ENABLING THE COMMUNITY’S TRANSITION TO ISO 20022

As we continue to deliver on our vision to enable instant and frictionless
cross-border transactions, ISO 20022’s rich and structured data will play an
essential role.

When the community decided to migrate to ISO 20022, we were asked to support the
industry with the transition. Since March 2023, we’ve enabled a period of
coexistence, converting messages between MT and ISO 20022 format. This has
allowed early adopters to already start to benefit from ISO 20022’s richer and
more structured data.

Financial institutions that have finished their conversions have said they’re
already seeing benefits, such as better harmonisation between payment systems,
and enhanced compliance thanks to the standard’s richer data. Institutions
expect to see increased benefits as momentum builds to November 2025, with more
institutions completing their migrations, and ISO 20022 becoming the norm.

Swift has been by the industry’s side since we were asked to support with the
move to ISO 20022 and we’ll continue to be there up to and beyond the migration
deadline.
Pat Antonacci Chief Customer Experience Officer, Swift



SUPPORTING THE COMMUNITY BEYOND NOVEMBER 2025

Swift will continue to support the community well after the November 2025
deadline and help the payments industry realise the full value and potential of
adopting ISO 20022.

“Swift has been by the industry’s side since we were asked to support with the
move to ISO 20022 and we’ll continue to be there up to and beyond the migration
deadline,” says Pat Antonacci, Chief Customer Experience Officer at Swift.

We’re committed to supporting our community to make the most of ISO 20022, to
ensure business continuity and a smooth end to coexistence. We’ve also launched
a data quality dashboard that gives institutions insights into their data to
help them maximise the value of adopting the new standard.

ISO 20022’s richer and more structured data provides a foundation from which
financial institutions can make further operational efficiency gains, while
offering more innovative solutions to end users. The new standard will help to
improve compliance, while corporates will be able to move on from manual tasks
such as invoice matching and reconciliation.


KEEPING UP THE MOMENTUM

More than one million ISO 20022 messages are now being sent over our network
each day in ISO 20022 format, to 220 countries and territories worldwide. As
adoption increases, the financial industry is poised to unlock new levels of
efficiency and innovation in cross-border payments.

“It’s good to see that some institutions are already beginning to realise the
value of their investments in this transformation,” Pat says, “but we’re excited
to see the benefits multiply, and become even clearer, as adoption scales.”


THE COMMUNITY’S SUPPORT FOR ISO 20022:

Sean Mouton, Chief Technology Manager at ABSA said: “The Southern African banks
are fully committed to the ISO journey and are driving hard to have fully
migrated all payment messages to the new ISO standard by the deadline of
November 2025.”

Isabel Schmidt, Executive Platform Owner, Enterprise Payments at BNY said:
“November 2025 will be defined as a landmark moment for our industry. And BNY is
excited to foster and amplify the value that full industry adoption of ISO
20022’s richer and more structured data provides in order to deliver innovative
products and to drive a more unified, standardised global payments ecosystem. As
we continue our important work and count down the next 12 months, we are fully
engaged in supporting our clients through their remaining transition
challenges.”

Celia Ardyasa, Director, International Network Management at Commonwealth Bank
of Australia said: “Migrating to ISO 20022 presents a unique opportunity to
advance interoperability and drive harmonisation across the financial industry,
aligning closely with the G20 roadmap objectives. With the November 2025
deadline fast approaching, it’s crucial that we fully commit to this transition.
By doing so, financial institutions can unlock the benefits of enriched,
structured data while contributing to a truly interoperable global payments
ecosystem.”

Tesy Mathew, Group Head of Cash Product Management at DBS said: “Industry-wide
collaboration will help all participants maximise the value of ISO 20022 and
leverage the richer data it provides to drive growth and innovation. At DBS,
early adoption has helped us uncover significant benefits and address
pain-points for our clients, including removing the need for manual invoice
matching and reconciliation. For banks to derive longer term operational
efficiencies for themselves and clients, multiple parties within the
organisation will need to be engaged to drive changes.”

Mr Atanas Mwilu, Head of Operations at Diamond Trust Bank said: “ISO 20022 is a
bridge to operational excellence and compliance. We’ve seen benefits including
better harmonisation with payment systems, richer debtor and creditor data for
compliance purposes, and a much-improved customer experience. It means one
standard can be passed on from one financial institution to another, with
reduced back-and-forth clarifications, as well as more automation and improved
accuracy of reporting – making compliance simpler and more straightforward.”

Mark Evans, Global Head of Cross-Border Payments at HSBC said: "As we approach
the November 2025 deadline for ISO 20022 migration, it’s crucial for financial
institutions to maintain momentum in adopting this new standard. While
significant progress has been made, sustained effort is essential to meet the
timeline and ensure industry-wide readiness for a smooth transition. The faster
we advance toward a world of enriched data-sharing throughout the payments
ecosystem, the sooner we’ll unlock the commercial value ISO 20022 offers. Once
adopted at scale, financial institutions will be empowered to innovate with
products and services yet to be imagined, driving competitiveness and growth.”

Engin Turhan, EVP, SME and Commercial Banking at QNB Türkiye said: “The
transition to ISO 20022 enables us to strengthen our operations through improved
data structuring and enhanced message processing capabilities, offering richer,
more structured data, enabling better data integrity, validation, and
interoperability across systems. I am pleased to announce that we have already
enabled outbound transfers with MX messaging and are accepting incoming messages
in MX format, well in advance of the official deadline. We believe that there
will be an incremental increase in benefits as the entire community transitions
to the new structure.”

Dean Henry, Managing Director, Head of Core Money Movement and Platforms at
Wells Fargo said: “The conversion to ISO 20022 is a critical milestone for the
payments industry as it presents multiple opportunities to improve cross-border
transactions and the overall end-to-end customer experience.  Wells Fargo is
committed to staying on target for working toward the November 2025 timeline so
that the industry can make these improvements and begin focusing on enhancements
as the next phase.”

Find all the information you need to make your adoption journey a success.

MAKE THE LEAP TO ISO 20022. UPGRADE YOUR INFRASTRUCTURE.

Learn all about the benefits for you and your customers and what you need to do
to be ready.

Get started


RELATED

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HOW ISO 20022 IS HELPING BNY NAVIGATE THE FUTURE OF PAYMENTS

Read more
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ISO 20022 IN BYTES FOR PAYMENTS: MAKE THE LEAP TO ISO 20022

Read more
ISO 20022


SUPERCHARGE YOUR PAYMENTS BUSINESS WITH ISO 20022

Detailed use cases illustrating some of the ways that ISO 20022 can help you run
and...

Learn more
ISO 20022


MAKE THE LEAP TO ISO 20022. UPGRADE YOUR INFRASTRUCTURE.

Learn all about what you need to do to be ready.

Get started

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