The clock is ticking – just 18 weeks remain before SWIFT migrates to ISO 20022, with banks starting to receive correspondent payments in MX format and Europe’s TARGET2 switching to using ISO 20022 exclusively. In the coming years, market infrastructures across the globe will complete a similar transition, fundamentally changing how financial messaging works in the global financial services industry. By November 2025, the financial ecosystem will only send and receive only MX messages, making MT a legacy format.
However, dates and plans keep changing. Banks are struggling to be ready for the November go-live. To help prepare for a smooth transition later this year and deliver the bare minimum to remain compliant, support late-comers to the ISO 20022 party, or enable your planning towards a more strategic solution, RedCompass Labs has published an infographic outlining the key elements of the migration, including key dates, challenges, solutions and advice.
Whether you need some help to get safely across the line before November 2022 or are looking to plan your roadmap to November 2025, feel free to get in contact with us. RedCompass Labs offers in-depth ISO 20022 workshops and helps its clients to plan and review their ISO migration strategy (SWIFT Migration, TARGET2, Chaps, etc.). You'll find more information on our ISO 20022 Migration page.
We also have the technology to help you with your translation challenges and you can test it out online. Our MT-MX Test Accelerator provides a free and instant translation of a MT103 test message into the respective scheme-bound pacs.008 ISO20022.