Swift consults on ISO 20022 migration

Swift consults on ISO 20022 migration

Swift has launched what it calls a "full-scale community consultation" as it steps up efforts to push for a migration of cross-border services to the ISO 20022 standard.

With new market infrastructures, such as instant payments, popping up in countries around the world, Swift is hailing ISO 20022, the standard underpinning them, as a "global success".

The interbank messaging network predicts that in the next five years the standard will dominate high-value payments business, supporting 80% of the volume and 89% of the value of transactions worldwide, as forthcoming implementations in the Eurozone, US and UK join already live systems in Switzerland, Japan, China and India.

Now, Swift says that there is increasing interest within its massive community of banks in using ISO 20022 in the cross-border messaging space, where Swift MT is the current dominant standard.

The organisation is running a formal consultation, asking members to provide feedback before early June, when it will analyse responses before putting together a final report by the end of the year.

Harry Newman, head, banking, Swift, says: "ISO 20022 will deliver increased efficiencies, end-to-end STP, improved regulatory compliance, enhanced party identifications, and will enable new business opportunities in line with the gpi roadmap."

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