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Treasury and Payments

Four steps to mastering the new ISO 20022 standard for cross-border payments

The countdown is on. With less than a year before cross-border payments transition to the ISO 20022 international standard, we take a look at what you need to do to ensure you’re ahead of the changes.


As a universal, digital language for payments messaging, ISO 20022 has existed for years. But with the growing digitization of the financial services industry, the need for an international payments ‘language’ has become greater than ever, and uptake of the standard is rising fast – ISO 20022 is expected to be the native language of payments by 2025.

Financial messaging provider SWIFT predicts that in the coming years, ISO 20022 will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of value of transactions worldwide.1

SWIFT is phasing in ISO 20022 as the standard for cross-border payments and cash reporting from November 2022. From the end of 2022, the previous ‘MT’ messaging standard will be supported for backward compatibility purposes – but future investments will be focused on ISO 20022 standards.

Benefits of ISO 20022:

  • Richer data, which is ripe for analysis and can be used to improve customer experience
  • Greater interoperability between different payments systems and interfaces, thanks to a common language
  • Lowered costs thanks to establishing seamless, compatible messaging between countries, financial institutions and individuals
  • Enhanced reconciliation: faster payments speeds by removing holdups, bottlenecks and ambiguity when sending international payments.

But of course, change can bring challenges. We believe it makes sense to be ahead of the curve to achieve a smooth transition and to be ready to reap the benefits of this new, data-rich standard sooner rather than later. But how? Here’s our four-step advice to mastering ISO 20022.

Four steps to mastering the new ISO 20022





Here at J.P. Morgan we will be live on Day 1. We want to complete the transition seamlessly, giving our clients the best possible support and experience through this period. We’re also excited to see how we can explore and analyze the richer data ISO 20022 provides – with the ultimate goal of enriching and boosting our clients' experience.

Our advice in a nutshell? Don’t wait until 2025. The changes are coming fast. Make sure your payments ecosystem can accept ISO 20022 in time in order to make the most of this game-changing piece of global payments infrastructure.


 

To learn more, contact your local J.P. Morgan representative.


 

1. swift.com, 2021. ‘Quality data means quality payments.’ Accessed November 2021.

 

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