(28 January 2025 – Belgium) As financial institutions move closer to the CBPR+ November 2025 deadline for adopting the new payments global standard, what are the latest developments?
Swift reports that 2024 marked a significant turning point in the ISO20022 adoption journey. The increasing integration of corporate-to-bank payment flows ensured the benefits of ISO 20022 extended deeper across the payments ecosystem, bringing enriched data and enhanced interoperability to more businesses and banks worldwide.
“There are several reasons why we went live with ISO 20022 in March 2023 with the adoption of CBPR+. Firstly, we felt it would reduce the risk of truncation during this period where MT and MX co-exist with one another. There were also technological benefits to being ready to receive which was mandatory and also send at the same time. And finally, as market leaders in clearing, we wanted to set the standard and be there to support our clients during their ISO 20022 migrations” stated JPMorgan Payments Head of Global Clearing Product and Transformation, Ciarán Byrne.
The global adoption of ISO 20022 continues to accelerate. In December, the Belgium headquartered group reported an average of 1.4 million CBPR+ payments exchanged daily, spanning 150 sending and 220 receiving countries.
“This is a testament to the truly global nature of this adoption. The final quarter of 2024 saw adoption rates up by an impressive six percent, taking the total up to 32.9 percent overall” Swift reported.
“In Q4 2024, we celebrated the successful migration of Chile and Lesotho, bringing the total to 31 percent of Payment Market Infrastructures (PMIs) running on Swift that have now completed their transition. These PMIs account for an impressive 74 percent of global traffic volume.”
“Looking ahead, 22 additional PMIs have announced their go-live plans for 2025. To support this wave of transitions, Swift’s ISO Accelerator Pack remains a valuable resource for helping PMIs fast-track their migration and realise the benefits of ISO 20022 adoption.”