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FAQ's
What is ISO 20022 migration?
ISO 20022 migration in high-value payments is a global initiative, which aims to achieve harmonized standards for the exchange of high-value payment messages. ISO 20022 is a messaging standard that creates a common language for payment data across the globe, enabling faster processing and improved reconciliation.
In correspondent banking (many-to-many space), ISO 20022 adoption on the Swift network started in Mar 2023. Among Market Infrastructures (one-to-many space), ISO 20022 is being introduced as part of their modernization programs, e.g. T2-T2S Consolidation project in Europe.
What is a “like‑for‑like” migration approach?
Like-for-like (or equivalent) refers to an approach that implements a subset of ISO 20022, limited to the same functionality as the standard it replaces (for example, MT).
What is the strategy around Exceptions & Investigations (E&I) messages?
E&I processing will be enhanced by the introduction of a centralised service for managing E&I (Case Manager) as well as structured ISO 20022 messages (camt.110 investigation request and camt.111 investigation response) on FINplus network as per the following timeline:
- Controlled Live (Nov 2024 to Nov 2025): Opt-in subscription phase
- General Availability (Nov 2025-Nov 2026): Mandatory receipt of ISO 20022 E&I request sent through Case Manager
- Full Enablement (from Nov 2026 onwards): Mandatory send & receipt of ISO 20022 E&I messages
Will there be translation rules for ISO 20022 to MT and vice versa? Where can I find these?
Yes. In order to enable standardization and end-to-end straight-through processing, SWIFT together with the CBPR+ working group (represented by the industry) defined a clear set of standard translation rules between ISO 20022 and MT for most of the messages. These have also been applied by SWIFT’s Transaction Manager to avoid misinterpretation and/or divergent adoption of translation rules across banks and/or communities.
To see translation rules, please access SWIFT MyStandards platform, which is available to all SWIFT clients. It is the chosen tool to be used by the community as the primary source for ISO 20022 messages (e.g. CBPR+ Usage Guidelines) and it also gives you access to the Translation Portal where you can test translation rules.
Is ISO 20022 migration mandatory?
No. ISO 20022 migration is not mandatory from a regulatory perspective. However, given the complexity of the change, those that do not act risk being excluded from international payment systems/excluded from central bank money (applicable to those connected to RTGS).
As a result, this migration should also be used as an opportunity for a future-proofed standardization strategy and, for some, a reassessment of market positioning and business models.
