The ISO 20022 standard is described in the document "ISO 20022 Financial Services - Universal financial industry message scheme". The current edition of the standard includes eight parts, published in May 2013 and are available for purchase in either a PDF or paper version.

The focus of this report is to shed light on the ISO 20022 practices and opportunities in the U.S.

We have created readiness handbooks and FAQ to support our customers through the transition to ISO 20022, highlighting the significant changes this will bring across the payments industry, how and why these changes will happen, and the benefits they can bring.

ISO 20022: First 120 days live J.P. Morgan takes a look at the issues, queries and topics around the ISO 20022 CBPR+ migration, focusing on real use cases to determine best practices financial institutions should be following. Data helps ease the pain of cross-border payments for financial institutions (FIs) There are several challenges involved in cross-border payments, but the data that is associated with each transaction can help alleviate those obstacles for financial institutions.

March 2023 marked a major milestone with the initial CBPR+ release, signalling the start of the migration to ISO 20022 (MX). This release introduced 15 usage guidelines, covering payment initiation (pain), payment clearing and settlement (pacs), and cash management (camt) messages.

Finextra reported two delays in 2023, adding to seven rollbacks in 2022, one in 2021, and three in 2020. Many of those were network hurdles to becoming a functional global standard. That’s no mean feat. March 10, 2025, is the date that ISO 20022 becomes the universal digital language for US financial services.

ISO 20022 messages are vital to instant payments and play an important role in the overall modernization of payment processes. Specifically, they provide a structured and data-rich common language that is readily exchanged among corporates and banking systems.

Almost 200 market infrastructure driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects. ... Leading financial institutions share insights on the concrete benefits opened up by ISO 20022’s rich, structured data capabilities.

2 days ago - ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred ...

July 24, 2025 - The ISO 20022 standard defines how payment messages should be structured, exchanged, and interpreted. Unlike legacy formats that rely on flat, often ambiguous text fields, ISO 20022 uses XML syntax to enable structured data.

ISO 20022 was developed as a payment messaging standard to increase uniformity and connectivity between disparate market infrastructures. It has been widely adopted in 70+ countries so far and by most major financial market infrastructures.

The November 2025 ISO 20022 deadline is fast approaching. This transition represents both a challenge and an opportunity for the financial industry. While the road to compliance may be complex, the benefits of enhanced data richness, improved interoperability and increased efficiency make this transition well worth the effort.

September 5, 2025 - Ultimately, the group identified strategic reasons to adopt the ISO 20022 standard for U.S. payment transactions to achieve greater end-to-end efficiency for domestic and cross-border payments. In July 2023, the Fed launched its new instant payments platform – the FedNow Service, which leveraged ISO 20022 message formatting from inception.

The BPC is an industry group of organizations and individuals working to promote adoption of electronic business-to-business (B2B) payments, remittance data and invoices. Understanding ISO 20022 Resource Guide (2017) (Off-site, PDF) This guide is a compilation of existing resources that provide information on the ISO 20022 standard, including tools that help with transitioning to the new standard such as mapping tools and implementation guides.

Since March 20, 2023, ISO 20022 MX Payments traffic started flowing through Swift, and with that the coexistence period for cross-border payment and reporting (CBPR+) began. In this e-book, J.P. Morgan shares insights created early in this period that may be valuable to the wider public. Within this book are actual use cases stemming from real questions and inquiries our clients faced in the first 120 days of adopting ISO 20022 CBPR+, in line with Swift standards.

In October 2017, the Federal Reserve Banks announced a timeline for their phased implementation of the ISO 20022 standard for payment messages for the Fedwire Funds Service, originally scheduled to begin with Phase 1 on November 23, 2020 and end in late 2023.

February 16, 2022 - ISO 20022 is more easily adaptable then current messaging standards, making it more responsive emerging technologies, to changes in the economy, and innovation. With richer data, businesses have more improved fraud prevention measures to help ...

Status of the submissions received for the development or maintenance of ISO 20022 Message Definitions, external code sets, variants, SupplementaryData

January 30, 2025 - The transition to ISO 20022 will be complete in November 2025. We’re helping you prepare for this industry change. Swift is on track to begin the retirement of its existing MT messaging standard, with the elimination of the first phase of messages set for November 2025.

The ISO 20022 repository offers industry users and developers free access to a Data Dictionary of business and message components and a Business Process Catalogue containing message models and corresponding XML and/or ASN.1 schemas. If there are no ISO 20022 messages to cover a specific transaction, standards initiatives can be launched to define new models and messages and submit the new solution for approval by the ISO 20022 registration bodies.