This post was originally published on Fin Extra
We are fast approaching the end of the CBPR+ co-existence period. What is the current lay of the land, and how far along is the industry in its adoption of ISO 20022?
Financial institutions that have not finalised their roadmap are under time pressure to do so. What do organisations need to do over the next months in order to be compliant by November 2025?
What are the contingencies and consequences in case of non-compliance? What can organisations expect should they not be able to be ISO 20022 ready by November?
The deadline to migrate to ISO 20022 for CBPR+ payments is just a few months away. After the co-existence period ends in November 2025, financial institutions must be ISO 20022 compliant in order to send and receive cross-border interbank payments.
ISO 20022 enables the creation of a single common language for most payments globally, yet the road to progress has not been smooth for many financial institutions. In October 2024, the adoption rate among the top 175 financial institutions came in at just over 27% (Source: Swift).
As time is running out, financial organisations need to expedite their migration roadmap lest, or else they risk
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