AMPfi.ai’s Post

In my latest blog, I have captured the timelines for the ISO20022 swift migration by the major payment market infrastructures of the world. All swift users must migrate to the ISO20022 messaging protocol by November, 2025. https://lnkd.in/dCKi_SFU

💥 Quantum Financial System 💥 The payments industry is in transition, converging from a wide variety of legacy message and data formats to ISO 20022: a common, global, end-to-end standard. ISO 20022 adoption is a cornerstone of the Committee on Payments and Market Infrastructures (CPMI) agenda to improve cross-border payments. At its March 2024 meeting, the Swift Board re-confirmed the community’s commitment to ending the coexistence period in November 2025, emphasising that priority should be given to payment instruction messages to ensure operational continuity and interoperability. Swift and the Board urge members to reinforce their efforts to switch cross-border payment instructions (at minimum) to ISO 20022 in the coming 18 months. Swift will continue to provide resources to support the community in achieving this important milestone. https://lnkd.in/grDSAfXE

Important guidance for Swift users implementing ISO 20022 (so, like, everyone). With the "picture worth a thousand words" executive summary slide - download link below - clearly showing how "TownName" (works for cities, too ;-) ) and CountryCode are the ad-minimum parts of the address that need to be structured. Dates and other details clearly explained as well. As ever, any questions, just reach out. --- The Payments Market Practice Group (PMPG) has published new guidance on hybrid postal addresses in #ISO20022 messages. A new hybrid address will be available from Nov 2025 onwards, enabling both structured and unstructured elements. During Nov 2025 - Nov 2026, all address types can be used, but after that, only structured or hybrid addresses will be accepted. This change aims to enhance data quality globally. Check out the latest PMPG guidelines: https://okt.to/VqMmBs #PMPG #financialindustry #dataquality #paymentstandards #CBPR #ISO20022

The adoption of ISO 20022 is a significant step forward in transforming global financial messaging. For banks, the transition roadmap involves preparing systems, training staff, and managing coexistence with legacy formats. As outlined in SWIFT’s ISO 20022 Programme, this transition aims to be efficient and minimally disruptive, unlocking the benefits of rich, structured data. Here’s an overview of the adoption roadmap https://lnkd.in/g32UED4P #iso20022 #fintech #roadmap #finance #adoption #swift

While ISO 20022 serves as a standardized language for payments, it remains dynamic, capable of accommodating new technologies, regulatory changes, and evolving business demands. Variations exist among ISO 20022 implementations across different Market Infrastructures globally due to factors like message versions, market practices, and release cycles. The ISO 20022 Payments Interoperability Charter seeks to garner support from Market Infrastructures for a set of agreed objectives and principles aimed at facilitating evolution and interoperability, including the upkeep of Usage Guidelines aligned with one of the two most recent HVPS+ collections. Know more: https://lnkd.in/g9a94xmu #iso20022 #payments #banking

SEPA messages and ISO 20022 ISO 20022 is a standard for data exchange between financial institutions, and is the messaging standard used for SEPA payments. Both PSPs (payment service providers) and CSMs (clearing and settlement mechanisms) send payment data using ISO 20022. The ISO 20022 standard covers business processes as well as message formats, and ISO 20022 messages are text files that use the XML syntax. The European Payments Council has enforced the use of ISO 20022 messages throughout the SEPA zone to harmonise payment - and account-related data. As a result, the SEPA has led the way in terms of adoption, with major countries such as the United Kingdom, the United States, Canada, and Australia in the early stage of adopting ISO 20022 too.

Why Everyone’s Talking About SWIFT ISO 20022 (aka MX – the “next-gen” messaging standard) 📣 📅 In one year from today, we all need to be ready for the full transition to SWIFT ISO 20022 – also known as MX. If you’re in financial messaging, you know the weight of this shift. If not, think of it as moving from a standard toolbox 🧰 to a digital toolkit that’s faster, smarter, and packed with features. 📈 💡 Why it matters: ISO 20022 messages capture detailed data that tells the full story of a transaction, reducing errors and making compliance smoother. This new format doesn’t just skim the surface; it dives deep, covering all the essentials from the start. 🔍 For those already deep in this world 🌎, MX is shorthand for the ISO 20022 message standard under SWIFT. It brings a new level of structure and accuracy to cross-border communications. Migration isn’t just an upgrade; it’s a transformation of how the financial world communicates, demanding new tools and skills but ultimately leading to greater clarity and efficiency. 🔄 I’m currently helping clients migrate to ISO 20022 and will be posting updates and insights along the way. 🚀 Stay tuned and follow me for more! #FinancialMessaging #ISO20022 #MX #SWIFT #SWIFTMX #SWIFTMT #CBPR #SimCorpDimension #SCD #PostTradeProcessing #Payments

⏰ The clock is ticking for financial institutions around the globe as the end of the ISO20022 co-existence period approaches in 2025. This transition marks a significant shift in how payment messaging standards are managed, and the question is: Are you ready? 👉 https://lnkd.in/exmp5bQQ ISO 20022 is set to become the universal standard for payments, replacing the old MT messaging format. This change promises greater efficiency, richer data, and enhanced interoperability across global financial networks. This isn’t just a technical upgrade—it’s a strategic imperative. The switch to ISO 20022 will impact everything from compliance and reporting to customer experience and operational efficiency. #ISO20022 #Payments #FinancialServices #DigitalTransformation #Compliance #FinTech

The BTRS Code list standardizes Account Status/Balance, Transaction Summary, and Transaction Detail codes across the industry by evaluating and retiring outdated, redundant, or ambiguous Old BAI2 codes. The resulting BTRS code set offers a clearer association to Transaction Detail Codes and a standard map to one Summary Code, ensuring interoperability with ISO 20022 and SWIFT MT. To request a new code, visit https://buff.ly/4bRUpUJ.

What you need to know about ISO 20022 adoption for payments and reporting? Why Adopt Swift MX or ISO 20022? The adoption of Swift MX or ISO 20022 is driven by the need for a common, global, end-to-end standard for financial messaging. The rich and structured data provided by ISO 20022 enables more efficient, more compliant, and faster payments. It also supports many languages other than English, including Chinese, Japanese, Arabic, etc. When is Adoption Happening? Adoption of the ISO 20022 standard for global payments and reporting successfully commenced on 20 March 2023. Both MT and MX (ISO 20022) messaged supported through Novem 2025. ISO 20022 CBPR+ co-existence period: March 2023 – November 2025 What are the Changes? ·      FIN messaging service to FINplus messaging service ·      Swift proprietary message format (Standard MT) to ISO 20022 message format (Standard MX) ·      Restricted character set to Any character set ·      Maximum 10,000 characters message length to Maximum 100,000 character message length ·      Network validation to Network validation Scopes of the transformation: All international cross-border payments and domestic high-value payments (RTGS / TARGET 2) are to be moved to the MX format. Hence the following MT’s are being moved to MX format in the current program:  • SWIFT MT 1 series – Customer payments • SWIFT MT 2 series – Financial Institution payments • SWIFT MT 9 series – Statements Point to note - the rest of the series will remain in SWIFT MT format