(28 April 025 – Belgium) As banking and financial institutions rapidly approach the November 2025 CBPR+ deadline, adopting the ISO20022 global payment standard has never been more essential. With the industry moving forward, now is the time to act.
ISO 20022 adoption continues to gain momentum, with the average daily payment instructions now exceeding 1.6 million – nearly double the figure from March 2024. This growth is driven by a 50 percent increase in the number of BICs (Bank Identifier Codes) adopting ISO20022. While these figures demonstrate significant progress, there is still work to be done. With just over six months remaining until the deadline, time is of the essence.
Swift highlights three key considerations for the November 2025 deadline:
- Know how you will be impacted to avoid disruption to your clients
- What steps you need to take to be ready
- Start testing
“Scotiabank has made the leap by embedding ISO20022 to improve data quality, streamline reconciliation, speed up cash application and reduce manual work which is making operations more efficient for clients” commented Scotiabank VP Rachelle Hildyard.
“The bank is actively involving clients through advisory boards and feedback sessions to shape its ISO20022 transition roadmap, focusing on solving pain points like reconciliation and operational inefficiencies. The upgrade also boosts compliance and ensures system interoperability, supporting a seamless and future-ready payment experience.”
“Client advisory boards allows us to hear a lot from our corporate treasurer clients. Reconciliation is a pain point. Operational efficiencies are a pain point. When we look at what ISO enablement can help to bring them, we are working with our clients to use ISO rich data standards to make reconciliation faster and simplify client’s payment journey and make it easier to conduct business. It’s going to simplify how we communicate with each other and really benefit our client base to take advantage of the operational efficiencies, better cash application, better reconciliation, it’s a very exciting time.”
“By ensuring that the ISO20022 enablement is within the foundation of our systems it allows our global channels to connect and take advantage of all of the rich data that ISO is going to bring and provide. Through all of that transition and transformation we’re ensuring not only our systems and technology is upgraded but also our operational processes are upgraded.”