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The payments paradox: Data and systems become increasingly diverse as the global economy becomes more interconnected. A complex payments industry relies on a common language to keep dialogue open, and ISO 20022 is set to become that universal language. For financial institutions and corporates, this is the location for ISO 20022 migration answers.

Where are we in the ISO journey?

JPMorgan Chase went live with ISO 20022 in March 2023, using the new universal payments format as our business-as-usual practice. As financial institutions (FIs) navigate the coexistence period over Swift and corporates are starting to evaluate their approach to ISO for the future, we’re here to share insights about this important milestone as leaders of this implementation across our industry in support of our clients and partners.

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ISO 20022: First 120 days live
J.P. Morgan takes a look at the issues, queries and topics around the ISO 20022 CBPR+ migration, focusing on real use cases to determine best practices financial institutions should be following.

Data helps ease the pain of cross-border payments for financial institutions (FIs)
There are several challenges involved in cross-border payments, but the data that is associated with each transaction can help alleviate those obstacles for financial institutions.

5 ways ISO 20022 could rewrite the future of payments
What does payments look like post-ISO 20022? J.P. Morgan’s Ciarán Byrne and Accenture’s Sulabh Agarwal look at what ISO 20022’s looming implementation could unlock for payments players.

Where are you in the ISO journey?

We want to highlight content most relevant to where you are in your ISO journey.

Please note: FI clients can learn more about J.P. Morgan’s approach by visiting our ISO 20022 Client Resource Center. Corporates should review the J.P. Morgan Channel Users section of the page.

Just starting the ISO journey

For those who want to learn more about ISO 20022 or what is needed in order to adopt to this new messaging format, we have the resources for you.

Read more on the following topics:

  • Preparing for migration – Our guide that answers key questions and highlights changes FIs may encounter once they migrate to ISO 20022. 
  • Master the standards – Explores the benefits of adopting ISO 20022 standards in cross-border payments, highlighting its potential to enhance efficiency, reduce errors, and facilitate global insights.
  • ISO 20022 messaging guide – A handy document showing key differences between the old and new messaging standards. 

In the midst of ISO migration

The process of moving over to ISO 20022 has begun for your business, but there may still be some questions about what the new messaging standards will mean. We have the answers.

Watch the following webinars for more info:

Read more about the following topics:

  • J.P. Morgan ISO 20022 e-book – J.P. Morgan shares insights and best practices from the first 120 days of the Swift ISO 20022 coexistence period.
  • Rewrite the future of payments – Five potential use cases for ISO 20022, from customer dashboards that showcase real-time data to post-payment communication services. 

Advanced progress to full ISO 20022 migration

Like J.P. Morgan, your business may have been an early adopter to ISO 20022. We will be ready to offer MX statements from the second half of 2024 on an opt-in basis. Please get in touch with your usual J.P Morgan representative to find out more.

Read more about the following topics:

J.P. Morgan’s messaging schedule – Schedule of when J.P. Morgan will be able to receive and send specific messaging types. These dates only apply to Swift users using Swift FINPlus, not for electronic channels.

Shifting from compliance to value – A partnership with Accenture that explains how ISO 20022 will impact the financial services industry.

What does ISO 20022 mean for the payments industry?

ISO 20022 is emerging as a common language and model for financial messages across the world. It isn’t a new standard as real-time, high-value payment systems have already adopted ISO 20022. However, the significance of the shift will unfold over the next few years. As major currencies adopt ISO 20022 formatting, SWIFT estimates that 80% of global, high-value payments by volume will be processed through ISO 20022.1

Fast Facts: ISO 20022

  1. ISO 20022 is a standard for exchanging electronic messages which uses XML syntax and offers structured, rich data
  2. Statistics suggest JP Morgan’s CBPR+ messaging has been a significant portion of the volume converted to MX through late 2023, and indicate we are likely the largest current sender of PACs messaging
  3. This format is already used by many real-time, low-value and high-value market infrastructures around the world
  4. Offers richer references and improved remittance information
  5. Requires planning ahead: multi-year project for FIs to implement value-added services to enhance client experience
ISO infographic.

What are some benefits for FIs?

With structure and dedicated fields for payment details, the formatting standard creates communication efficiency. Rather than managing multiple market systems that speak different languages, ISO 20022 offers a universal messaging language.

Sending and receiving robust payment details is critical not only for interoperability, but also for improving the client experience and screening measures. With ISO 20022, FIs can screen more readable content, recognizing where data starts and ends to assess payments in context. The impact for FIs expands beyond payables and receivables to transaction monitoring, client reporting and many other elements, so planning for migration sooner rather than later is key.

“In the ever-evolving payments landscape, a gamechanger is the industry’s migration to the ISO 20022 standard. J.P. Morgan Payments firmly believes that ISO 20022 will unlock tremendous value for our clients and the broad payments experience.”

Delivering faster payments automation and resolution  

ISO migration is more than a technical project for tactical execution, unlocking potential for FIs to shift from passive to active payment processing. In other words, this is not just a standard which banks must comply with. It’s a unique opportunity to capture rich data benefits and embrace data-driven innovation. The highly structured messaging format means machines can read messages better for faster automation and resolution.

From the corporate client perspective, benefits include efficient reconciliation, enhanced invoice information at scale, and fewer manual processes to reduce DSO and improve working capital. While clearing the way for more flexible payment structures, ISO 20022 helps accommodate corporate needs, along with evolving market dependencies.

Communication consistency and cost benchmarking are building blocks for ISO 20022 migration

Jesus De Lara, J.P. Morgan’s Head of ISO Business Readiness & Commercialization, urges both FIs and corporate clients to consider technical architecture changes and a workable scope. Will you utilize the Swift translation service or deal with data in your own shop? Managing routing rules and accommodating flexible formats will also come into play, so think about the end state build.

“As a starting point, focus on the manageable external factors,” suggests De Lara. “Create strong governance—with fluid channels of communications across stakeholders—to oversee the migration within your business.” When implementing large scale technology shifts, communication consistency and cost benchmarking are building blocks of a solid foundation for change.


Get in touch with an experienced J.P. Morgan representative to learn more. 

For customer service inquiries, existing Merchant Services clients may contact 1-888-886-8869 or email