The implementation of ISO 20022, the new global messaging standard for cross-border payments, has proven to be one of the most significant changes the payment industry has seen in decades.
ISO 20022 brings richer and more structured payment data and is designed to allow financial institutions to provide better digital solutions, increased automation and efficiencies, refined compliance capabilities and real-time end-to-end execution.
The result offers standardized messaging that can be sent through chains of correspondent banks with pinpoint accuracy, all but eliminating delay and human error, and opening the door to more automation. While firms have begun to adopt the changes and invest in technology upgrades, many industry challenges remain.
BNY continues to focus on helping to deliver on the many promises of this new global standard while helping clients navigate their unique journeys in cross-border payments transformation.
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BAFT ISO 20022 Migration Lessons Learned
The journey to implement ISO 20022 is potentially fraught with internal and external obstacles. This compilation of best practices, developed by industry experts, is designed to help process a smoother ISO 20022 implementation.
CPMI sets out harmonized ISO 20022 data requirements for enhancing cross-border payments
This final report, a key deliverable under the G20 cross-border payments program, focuses on harmonized data requirements for the use of ISO 20022 messages in cross-border payments. The 12 data requirements in this report are an important step towards further harmonizing the use of ISO 20022 and helping to achieve the G20 cross-border payment target of improving cross-border payments for all.
Swift’s MyStandards Webinar
The journey to implement ISO 20022 is potentially fraught with internal and external obstacles. This compilation of best practices, developed by industry experts, is designed to help process a smoother ISO 20022 implementation.
ISO 20022 explained: the impact to cross-border payments
Over the next several years, leading payment and messaging market infrastructures will pursue significant platform modernization strategies to help financial institutions provide better digital solutions, increase automation and efficiencies, refine compliance capabilities and deliver end-to-end execution cycles closer to real-time. To support these goals, many are migrating payments and cash management related messaging to the ISO 20022 standard for high-value and cross border payments.
While rollout of this new standard may not have captured the level of attention that other innovative digital and technology-related topics have generated, the transition nonetheless promises to have significant impacts on all financial institutions over the coming years with impacts that they need to understand and begin to prepare for, starting now.
Few payment channels will be untouched as ISO 20022 adoption spreads, bringing with it richer information than SWIFT MT messages or any of the other legacy formats that are used today. ISO 20022 is used for several of the new instant payments systems such as the Real-Time Payments platform (RTP®) from The Clearing House in the U.S. The transition is already in progress and will continue over the next several years.
Learn more about ISO 20022 and why it matters
*RTP® is a registered service mark of The Clearing House Payments Company L.L.C.
Frequently asked questions
Learn more about BNY’s ISO 20022 migration strategy, status and readiness in the FAQ document.
ISO 20022 resources & fact sheets
Major market infrastructures such as SWIFT, the Eurosystem, EBA, The Clearing House, the Federal Reserve and the Bank of England have communicated plans to migrate to ISO 20022 between 2022 and 2025. ISO 20022 is a standard (published by the International Standards Organization (ISO) for the electronic exchange of data covering foreign exchange (FX), payment and securities, among others. Learn more about the basics of ISO 20022.
Understand why the introduction of ISO 20022 brings significant changes to the language/terminology used by payment industry professionals.
Learn how major market infrastructures such as SWIFT, the Eurosystem, EBA, The Clearing House, the Federal Reserve and the Bank of England have communicated plans to migrate to ISO 20022 between 2023 and 2024.
Read how BNY is adapting its systems to support all payment message formats available in the market infrastructures we use.
Read how clients, who are ready to receive ISO MX messages from BNY, can submit their communication preferences to BNY for message types currently supported.
Review the latest changes to the ISO 20022 migration including timelines, benefits and resources for additional information.
ISO 20022 learning curriculum
Our webinar series and associated Learning Modules cover a broad range of topics, from basic information about ISO 20022 to the latest news on the progress made by the major RTGS systems (e.g., T2, the Fed, TCH, CHAPS) and SWIFT.
View our most recent modules below and explore more through our module archive.
MAY 2024
Migration updates webinar
The Treasury Services team can help you prepare for the ISO 20022 transition. Product Manager, Isabelle Bouille, shares the latest updates and best practices as the U.S. market prepares for a co-existence of CHIPS ISO 20022 message formats and Fedwire legacy formats until March 10, 2025.
JULY 2023
Migration updates webinar
Find out about the latest key learnings and best practices as the ISO 20022 migration moves forward.
MARCH 2023
Migration updates webinar
Hear the latest updates on the developments of the ISO 20022 migration with Isabelle Bouille, Product Manager from Treasury Services. The session discussed latest market infrastructure plans for major currencies and potential truncation risks arising from the migration.
APRIL 2022
Usage guidelines for customer and financial credit transfers
Topics include BNY ISO 20022 Usage Guidelines for Customer and Financial Credit Transfers and sample testing through the SWIFT MyStandards Readiness Portal.
Related Content
This industry-wide migration to a new data-rich financial messaging standard known as ISO 20022 brings with it many challenges, but also points to a long-anticipated revolution in global payments.
Read our collection of expert articles and industry journals featuring BNY subject matter experts.
Streamline your financial operations with BNY's comprehensive treasury services solutions. Discover our areas of specialized expertise across global payments, trade finance and liquidity to help improve your cash flow.
