ISO 20022 for CBPR+ migration timelines vary enormously, yet the deadline is the same for all financial institutions – whether they have fully adopted ISO 20022 or are yet to make significant progress. By November 2025, ISO 20022 will become the sole globally recognised standard for interbank cross-border payments, and the new MX messaging format will fully replace the old MT messaging format.
Concerningly, adoption has not picked up as significantly since the co-existence period began in November 2023. In January 2024, the ISO 20022 adoption rate of the top 175 financial institutions stood at 19%. By March 2025, this number had grown to just 36.8%. It’s clear that institutions need to significantly accelerate their migration efforts over the next few months – or risk the consequences of non-compliance.
ISO 20022 is not just a compliance update – the data-rich format enables organisations to enhance their analytical capabilities, improve their service offering, improve straight-through processing, strengthen anti-money laundering and compliance efforts, and more.
This impact study breaks down the key challenges, insights, and a six-step roadmap to help you navigate the transition seamlessly.
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