Majeed KSA: ISO 20022 Migration, Key Summary with Dates
11-15-2025
ISO 20022 Migration – Key Summary with Dates
Global Adoption & Milestones
• 70+ countries and most major financial market infrastructures have adopted ISO 20022.
• July 2025: Bank of America successfully implemented Fedwire Funds Service ISO 20022 messages, enabling:
• Common language between USD clearing systems: Fedwire and CHIPS.
• Improved interoperability with ISO-adopted systems like SWIFT and T2 (Euro clearing).
Key Benefits
1. Uniformity & Efficiency
• Consistent structured formats improve automation and straight-through processing.
• Reduces reliance on multiple proprietary message formats.
2. Richer, Higher-Quality Data
• Ability to send more detailed transaction information.
• Improves reconciliation and reduces payment queries.
• Allows including URLs, emails, and extra data for beneficiaries.
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Roadmap & Important Deadlines
MT → MX (ISO 20022) Transition
• November 22, 2025:
• The coexistence period for MT and MX messages ends for institutions connected to SWIFT FIN.
• Legacy MT messages will no longer be accepted on the SWIFT FIN network after this date.
Increased ISO 20022 Traffic
• From 2025 onward, more financial infrastructures will go live with ISO 20022.
• Clients will see mixed message formats (legacy + ISO) during the transition period.
• Applies across the entire USD high-value payments industry.
Payment Infrastructure News: #ISO20022 migration interconnects the global economy, underlines @BankofAmerica ‘Having structured data and streamlined payment systems has become increasingly important as the global economy gets more interconnected.’
ISO 20022 migration interconnects the global economy:
Having structured data and streamlined payment systems has become increasingly important as the global economy gets more interconnected.
ISO 20022 was developed as a payment messaging standard to increase uniformity and connectivity between disparate market infrastructures. It has been widely adopted in 70+ countries so far and by most major financial market infrastructures.
In July 2025, Bank of America successfully implemented Fedwire Funds Service ISO 20022 messages. This milestone for the global payments and USD clearing industry enables all USD clearing financial market infrastructures (FMI), Fedwire Funds Services and the Clearing House Interbank Payments System (CHIPS) to communicate in a common language, improving interoperability with the other financial market infrastructures around the globe that adopted the ISO 20022 format, such as Swift and T2 (Euro clearing).
https://business.bofa.com/en-us/content/iso-20022-migration.html
Source(s): https://x.com/majeed66224499/status/1989651344232153435
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Courtesy of Dinar Guru: https://www.dinarguru.com/
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