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Swift accepts community request to delay ISO 20022 migration

Friday 28 October 2022 13:17 CET | News

Swift has issued a press release, informing that, following the global community’s appeal, it decided to delay the ISO 20022 migration until March 2023.

 

Swift issued a press release, informing that, following the global community's appeal, it decided to delay the ISO 20022 migration until March 2023.

 

Swift has worked with its global community to prepare for the start of the ISO 20022 migration for cross-border payments and reporting (CBPR+) and since August 2022 and all required capabilities have reportedly been deployed and institutions have been able to exchange ISO 20022 messages on an opt-in basis.

On 20 October 2022, the ECB shared its decision to delay the ISO 20022 migration of the Eurosystem by four months. Considering this announcement and in line with Swift’s earlier scenario planning, the messaging network committed to further analyse and validate impacts on the timeline for CBPR+ with a view to maintaining operational and business continuity across the global financial system. According to Swift, an ‘overwhelming majority’ of their global community has requested that it should align the start of the global ISO 20022 migration for CBPR+ with the ECB’s updated timetable to ease implementation. In response, Swift have taken a decision to accommodate this request, and the messaging network will begin the ISO 20022/MT coexistence period for all users on 20 March 2023.

At the same time, Swift considers that it is clear from its community feedback that there is ‘strong momentum’ across the industry to implement and gain value from ISO 20022 rich data, so the revised start date of 20 March 2023 will be definitive. Financial institutions are therefore encouraged to continue preparation for the 20 March 2023 start date and consider all potential scenarios in their planning to ensure readiness for the start of ISO 20022 coexistence for CBPR+ from that date.

Institutions that would like to realise the benefits of rich data sooner can continue to exchange ISO 20022 messages on an opt-in basis. Swift enabled resources to assist its customers with their ISO 20022 readiness, along with a list of FAQs on this updated timeline.

ECB delays start of T2 wholesale payment system

The European Central Bank (ECB) announced in October 2022 that the launch of new real-time gross settlement system and T2 are rescheduled from 21 November 2022 to 20 March 2023. The decision was made in order to allow users more time to complete their testing in a stable environment. The decision also took into account the importance and systemic nature of T2, especially in view of the current geopolitical conditions and volatile financial markets, according to an ECB press release.


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Keywords: regulation, ISO 20022, settlement, Swift messages
Categories: Banking & Fintech
Companies: SWIFT
Countries: Europe, World
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Banking & Fintech

SWIFT

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