(22 November 2025 – Global) As of 22 November 2025, the Swift ISO 20022 standard has gone live across major global payment networks, signalling the end of the coexistence period with legacy Swift messaging formats.
From 22 November 2025, all FI-to-FI payment instruction messages will be delivered only in ISO 20022 format. All FIN and FINplus Users are advised not to send any message from Saturday and to check contingency processing information.
This switch is not instantaneous but follows several years of migration efforts with Swift, the Federal Reserve, the European Central Bank (ECB), Bank of England (BoE) and other central banks mandating the new XML-based messaging for cross-border and high-value payments.
“I don’t think we’ll experience as big a change to the payments system again in my career. It’s fundamentally changing the way banks communicate with one another, replacing a standard that’s been in place for more than four decades” commented Commonwealth Bank ISO Program Executive Manager, Nick Fanning,
“The Reserve Bank of Australia Board recognised the payments industry’s ongoing efforts to transition to richer ISO 20022 payments messaging and adopt internationally harmonised requirements in the High Value Clearing System and the New Payments Platform by the end of 2027. The board also observed growing use of the NPP’s International Payments Service, which enables incoming cross-border payments to be processed on a 24/7 basis. The Board will continue to monitor the industry’s implementation of these initiatives.”
“The RBA is currently participating in the second phase of the Bank for International Settlement’s Project Mandala, which is investigating the automation of cross-border compliance processes.1 The RBA will also be examining options for enhancing wholesale cross-border payments in 2026, including through upgrades to RITS and further research on digital money innovations.”