SWIFT has completed the global transition to ISO 20022 for cross-border payments, ending coexistence with the traditional MT message format on Nov. 22. ISO 20022 is now required for all payment instructions, concluding the migration period that began in March 2023 and shifting the industry’s focus from format readiness to using richer, structured payment data. ISO 20022 accounted for 97% of payment instructions immediately after the cutover. A temporary conversion service will translate remaining MT instructions to maintain payment flows. SWIFT expects the standard to improve operational efficiency, compliance and customer insights, while supporting its planned retail cross-border payment scheme and blockchain-based shared ledger for tokenized value.
SWIFT completes ISO 20022 cutover for cross-border payments, ending MT coexistence
SWIFT completed the global cutover to ISO 20022 for cross-border payments on Nov. 22, ending coexistence with the MT format. ISO 20022 represented 97% of payment instructions after the switch, with a temporary conversion service handling remaining MT traffic.