The Central Bank of Montenegro has completed a switch to ISO 20022 for payment system data exchange for international payment transactions, replacing the SWIFT MT messaging format. The move is positioned as part of a broader modernisation of payment systems and alignment with international best practice. ISO 20022 enables more granular and standardised electronic exchange of financial data between banks and other financial institutions, with the central bank highlighting improvements in data richness, processing speed and security, transaction transparency, and support for new payment services. The transition was implemented using the central bank’s internal technical and professional resources, following detailed testing and coordination with international financial institutions to support continuity. Following the international migration, the central bank plans to introduce ISO 20022 for domestic payment transactions in a subsequent phase, with the aim of further modernising Montenegro’s payment infrastructure and aligning it with European rules and standards.
Central Bank of Montenegro 2025-04-01
Central Bank of Montenegro migrates international payment messaging from SWIFT MT to ISO 20022
The Central Bank of Montenegro has transitioned to ISO 20022 for international payment transactions, replacing the SWIFT MT messaging format as part of a broader payment system modernization. This change enhances data richness, processing speed, security, and transaction transparency. The bank plans to extend ISO 20022 to domestic transactions to further align with European standards.