“The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan. ABA requested that the Fed provide a detailed implementation plan as soon as possible to allow banks to develop their own internal teams and allocate resources. Specifically, the association asked for a “technology roadmap” that establishes a series of key dates and milestones related to the system requirements and testing procedures.”

“BNY Mellon has launched an ISO 20022 Hub to help clients and other financial institutions to manage the transtion to the new payment standard. Set for introduction in November 2022, the ISO messaging standard promises to have significant and widespread impacts on financial institutions across the globe over the coming years.”

“ISO 20022 is an emerging global standard for bank payments messaging. Payments services provider Swift is the registration authority.  The standard seeks to establish a common language and model for payments and transaction data to improve speed and compliance. The standard also has scope to reduce costs and the need for manual interventions due to increased data quality and automation.  Surprisingly, central banks have not widely adopted ISO 20022 messaging in their real-time gross settlement”

“ISO 20022 is an established international financial services messaging standard that will bring significant benefits to the global payments industry and the wider economy. The Bank of England and Pay.UK will implement ISO 20022 in the CHAPS and NPA (New Payments Architecture), as part of our objectives to improve resilience, security, user experience and innovation in the UK’s payments industry1 . The standard provides a common approach for payments data across the globe that will deliver benefits for a wide range of stakeholders; from large banks, financial market infrastructures, and businesses to consumers and payment system users. I”

“Clean data is key to instant payments, real-time settlement, open banking initiatives and blockchain technology — but such details are often lost or garbled when sent between parties. To better preserve this data, the U.S. financial services industry is turning to the ISO 20022 messaging standard. Essentially, ISO 20022 allows banks and corporations to handle cross-border payments that can carry extensive information in standardized data fields, taking much of the mystery out of each transaction and allowing banks to streamline other operations because of this added clarity.”

“Volante Technologies , the global leader in cloud payments and financial messaging, and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.”

“Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard. A letter obtained by Finextra Research addressed to Swift’s CEO from the ECB requested that Swift mitigate the challenges now faced by financial institutions because of Swift’s decision to delay migration to the new financial messaging format. The release of a blueprint for tackling these challenges is the first of these measures.”

“Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardisation committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.”

“During its March 2020 meeting the Swift Board and Executive endorsed a decision to shift their ISO 20022 migration date for cross-border payments from November 2021 to end 2022.The unexpected decision was met with surprise from institutions across the European market which now face another hurdle in the monumental transition to the new data-rich financial messaging language.”

“SWIFT, the financial messaging provider, is using the delay of ISO 20022 to evolve its financial messaging service into transaction management, according to Fiserv’s David Chance. The delay of the new messaging standard ISO 20022 been brought on because SWIFT is intending to play a bigger role in the cross-border payments space. With the new system, SWIFT, the global provider of secure financial messaging services, will be able to manage the rich transaction data that comes with ISO 20022 and become a centralised hub.”

“A proposed migration date for a new ISO covering cross border payments looks set to be delayed by a year. The ISO 20022, which was proposed by international financial network service provider Swift, was due to come into force in November of next year (2021). The aim of the new system was to provide a data-focused payments infrastructure, and is expected to significantly enhance the international money transfer market. However, it has now been announced that the implementation will be delayed until the end of the year 2022. The reason given for the change in approach is that the financial institutions may not be able to deal with the decommissioning of the current infrastructure in time.”

“The Reserve Bank and the Australian Payments Council (APC) today issued a consultation paper seeking stakeholder views on the migration of messaging used in some parts of the Australian payments system to the International Organization for Standardization (ISO) 20022 payments messaging standard. The Australian payments system comprises a number of payment services, clearing systems and settlement systems. Some of these services and systems use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Message Type (MT) for messages used in trading, clearing, settlement and payments, including for the Reserve Bank’s real-time gross settlement system.”

“Deutsche Bundesbank, the German central bank, is using Swift MyStandards and Readiness Portal to support the European banking community migrate payment flows to the ISO 20022 standard. The central bank will use the platform to ensure a smooth transition for community members. Deutsche Bundesbank is a member of the four central bank service providers for the Target services. The Readiness Portal will enable all banks and market participants in the Eurozone to access documentation and test their payments messages related to the Target2 real-time gross settlement system, in preparation for the T2/T2S consolidation project in 2021.”

“There are currently over two hundred ISO 20022 standards adoption initiatives in the global financial services industry, and over half of these are operating in a live capacity. Asia is no exception with more than twenty cases of ISO 20022-based financial market infrastructures in production mode. These include stock exchanges and central securities depositories (CSDs) in Singapore, Australia and Japan as well as real-time payment and settlement systems in India, China and the broader ASEAN region.”

“Breaking down the language barriers between payment messages to develop fully interoperable payments systems is no small undertaking and requires ISO20022, says Mike Banyard, Head of Development at the UK Faster Payments Scheme Limited (FPS).”