The switch to ISO 20022 lays the foundation for greater payment processing efficiency and interoperability, improved customer experience, streamlined compliance procedures, and the capability to deliver new services. ![]() Over the next few years, the world’s major market infrastructures (MIs) – including the US Federal Reserve, The Clearing House, the Eurosystem, EBA Clearing and the Bank of England’s real-time gross settlement service, will each migrate to ISO 20022 – Swift’s new global standard for payments messaging. ![]() Market participants should assess the impending transformation and start work on their action plan. As the 2021 migration deadline for ISO 20022 approaches, industry preparations are ramping up.
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