Be ready for cash payment ISO 20022 migration

Payment systems TARGET2 and EURO1 migrated for the euro in March 2023, then the English payment system CHAPS¹ for the sterling in June 2023 and the American payment system CHIPS² for the US dollar in April 2024. Fedwire for the US dollar is planned for March 2025. November 2025 is the deadline set by the banking industry to switch to ISO20022 messages to support currencies exchanged around the world and related reporting.

This ISO 20022 standard allows a universal language to be put in place between payment players. Transported data are better structured, more detailed and in the same way everywhere.

The period of coexistence for MT and ISO 20022 for cross-border payments on major global exchange currencies will end in November 2025.

From November 2025, some MT instruction message types (such as MT102, 102 STP, 103 REMIT, 203) will be withdrawn from the SWIFT FIN service. For other interbank cash instruction MTs (in particular MT103 and MT202), additional technical validation and significant disincentive charges could apply from this date. These provisions may affect some reporting messages.

¹CHAPS, the Clearing House Automated Payments System, is a system administered by the Bank of England that facilitates the transfer of large amounts of pounds sterlings.
²CHIPS, Clearing House Interbank Payment System, is a US dollar net settlement large-value payment system, co-existing with Fedwire (Federal Reserve Wire Network).