ISO 20022

How to navigate the migration to ISO 20022.

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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 Mellon’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 Mellon 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 Mellon, can submit their communication preferences to BNY Mellon for message types currently supported.

 

Learn more

Review the latest changes to the ISO 20022 migration including timelines, benefits and resources for additional information.

 

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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.

 

 

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