The global financial system has now completed its transition to ISO 20022 for cross-border payments. The switch became mandatory on 22 November 2025, concluding a multi-year migration overseen by Swift and supported by payment market infrastructures worldwide. The decision to adopt ISO 20022 for international payments dates back to 2018, following backing from the G20 and the Committee on Payments and Market Infrastructures.
The standard’s structured data model has been positioned as an important element in efforts to improve speed, transparency and interoperability in cross-border transfers. After entering coexistence in March 2023, financial institutions were given time to adjust their systems before the MT format was discontinued for cross-border payments and reporting.
Transition and standardisation efforts
Swift data from the first full day of mandatory use showed that roughly 97% of global payment instructions were already being transmitted using ISO 20022. To prevent disruption, an interim conversion service is temporarily translating remaining MT messages into the new format to maintain operational continuity.
A representative from Swift described the industrywide shift as the culmination of extensive coordination, noting that ISO 20022’s data fields create a framework intended to support compliance processes and facilitate the sector’s digital transformation. According to the official, the standard is expected to highlight future payment initiatives aimed at improving predictability and settlement times for retail and wholesale users. The representative also indicated that the new format could serve as the basis for work on shared ledgers and the handling of tokenised assets, part of ongoing efforts to explore interoperability between traditional and decentralised financial systems.
With the technical migration now complete, Swift has stated that attention will move toward helping institutions make fuller use of the data the new standard enables. The organisation is continuing to provide guidance and analytical tools to support companies as they adapt processes, evaluate efficiencies, and develop new services built on ISO 20022-compliant information.
