SWIFT Cross-Border Payments Migration to ISO20022 Benefits

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.

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.

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.

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.

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