Migration to ISO 20022

Understanding the benefits and next steps

Data and systems become increasingly important as the global economy gets more interconnected.  Thus, an interconnected payments industry needs a universal, data-rich language – ISO 20022.

 

ISO 20022 offers a common payment processing language with robust details that are critical to global interoperability. Therefore, planned migrations both for cross border payments, and individual payment schemes are now in progress.

 

With the global migration to ISO 20022 in March 2023, financial professionals are preparing to deliver a range of benefits to their clients. We're working to ensure a smooth transition and are here to help support you through the transition period. We will work with our technical experts and wider team to drive operational efficiency and enhanced reconciliation.

ISO 20022 - International standard for creating consistent payment messages

  • SWIFT cross-border payments will migrate to ISO 20022 in March 2023 through a three year long co-existence phase
  • Widely used across the financial industry by banks, corporates and market infrastructures
  • 70+ countries have already adopted ISO 20022
  • More enriched data can be carried through in the new formats bringing multiple benefits to users.

Benefits for Financial Institutions

Uniformity & efficiency

Structured formats with consistent field usage enable:

  • Improved data parsing for increased automation through machine learning.
  • An industry-wide message standard enables more efficiency, as opposed to multiple proprietary formats.

Value-added services

  •  Enhanced data quantity and quality.
  • An industry-wide message standard enables more efficiency, as opposed to multiple proprietary formats.

 

Richer data

  • Consistent information carried by the same field in the same location. 
  • Improved reconciliation via automation, reducing funds queries and improving working capital. 
  • Provides additional information, including provision for URLs and emails, to your beneficiaries to reconcile their transactions, reducing delays and follow-up requests.
  • Enhances compliance with evolving regulatory requirements.

Benefits for Corporates

Uniformity & efficiency

  • Structured formats with consistent field usage enable improved data parsing for increased automation through machine learning

 

Value-added services

  • Enhanced data quantity and quality
  • Enriched reporting, automated investigations and data-driven analytics

 

Richer data

  • Consistent information carried by the same field in the same location
  • Improved reconciliation via automation, reducing funds queries and improving working capital
  • Provides additional information, including URLs and emails, to your beneficiaries to reconcile their transactions, reducing delays and follow-up requests.

 

To learn more on how we can help with your ISO 20022 transition plan speak with your Bank of America representative.

< Back to Global Transaction Services

Explore more

Colored stained glass design

Global Payments

Improving payments through innovation
A woman looking at a tablet and a man holding his glasses and looking at the same tablet

CashPro®

CashPro® is your complete digital platform for payments, receipts, liquidity, investments, FX and trade.