with No Comments

“Big banks back Swift’s new platform and ISO 20022 roadmap”
(Website Finextra, 24 June 2021).

Six large SWIFT users have pledged to use the announced new functionality of the SWIFT network in the coming year and a half. In addition, these banks will also accelerate to end the current SWIFT (MT) standards and switch completely to the ISO 20022 standards.

ISO projects will in any case be the large-scale projects at the banks in the coming years. The banks at SWIFT have until the end of 2025 to switch to ISO standards. In addition, the banks must comply with the EPC ISO standards for SEPA traffic by November 2023. There will be a big bang for TARGET2 in November 2022, and the CHAPS system in the UK must be delivered according to ISO standards by September 2023. In addition, the systems in the US will also have to be adapted for Fedwire and CHIPS in the near future.

Read the article on the website of Finextra

Leave a Reply

Your email address will not be published. Required fields are marked *