In today’s rapidly evolving payment landscape, ISO 20022 adoption has become a topic of intrigue and interest. This is a global change as most market infrastructures are switching over to the ISO 20022 standard.
ISO 20022 itself is not new. The journey of ISO 20022 started in 2004, and we are now witnessing its adoption across various market infrastructures. SWIFT went live with CBPR+ in March 2023 and has announced a co-existence period until November 2025, meaning SWIFT will support both ISO 15022 and ISO 20022 message formats until the end of November 2025.
ISO 20022 adoption impacts multiple domains across the financial services industry, with Payments and Cash Management being prioritized.
Although ISO 20022 offers standardized interactions and message exchanges, various implementations across market infrastructures and market participants have evolved based on business requirements.
In the US, there are multiple domestic payment systems to move money, namely ACH, FedWire, CHIPS, RTP, and FedNow. While ACH is not migrating to ISO 20022 standards in the immediate future, other rails are. Below are the go-live timelines for the US rails that have already gone live:
Now it is time for FedWire. FedWire is set to take a big-bang approach to migrate to ISO 20022 in March 2025. However, there are multiple critical milestones that need to be met before the banks can go live. These milestones have multiple nuances and require specialized knowledge to meet the requirements.
The whitepaper provides guidelines to ensure a smoother adoption journey for FedWire, the most immediate ISO 20022 adoption task in the US. It is targeted to educate banks on the “Dos” and “Don’ts” in the immediate future, mid-term, and long-term. It also aims to provide guidelines on how to sustain and continue to reap the benefits of ISO 20022, as it is not just about compliance with regulations. Please download this paper to gain valuable insights and take the steps towards unpacking the nuances and ensuring a smoother journey.
