ISO20022: SWIFT 16 months of coexistence vs. Fedwire big bang on March 10th ... a Monday.

Let’s talk about Swift: the Society for Worldwide Interbank Financial Telecommunication as the world’s leading provider of secure financial messaging services.

SWIFT cooperation recently re-confirmed the end of the coexistence of the old financial “MT” and ISO20022 communication scheme. Currently SWIFT still provides CBPR+, a „tool“ handling both standards, to enable communication between financial institutions among themselves and towards their clients. Depending on the client ISO20022 standard with its new message types will then require more information mapped to the XML-fields in each message type. This will affect SEPA credit transfers and direct debits as well. This is already an exciting project for pioneers and will require steady improvement over the next years due to ongoing developments in the standard.

While SWIFT has the coexistence of both standards for still 16 months, the American Clearinghouse Fedwire planes a big bang to ISO20022 in a single-day implementation on March 10, 2025, which by the way is a Monday.  (Fedwire Funds Service ISO 20022 Implementation Center (frbservices.org)

Is SWIFT too cautious or is the Fedwire too bold? Feel free share your comments on this.

By the way, testing has to be completed by October 2024.

Anyway, all of us working in Finance sector and Finance branches at enterprises, Banking and Insurances will deal with ISO20022 now and in the future.

To shed some light into the world of ISO20022 with its new schemes, processes and terms follow our regular posts providing explanations, facts and news on the topic.

Hands up for ISO20022!