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Swift postpones ISO 20022 Migration Until March

With the ability to exchange ISO 20022 messages on an opt-in basis since August, several businesses are already using the update to the Swift system for cross-border payments and reporting (CBPR+).

Days after the European Central Bank (ECB) announced its own postponement of four months for the Eurosystem to switch to ISO 20022, there has been a delay to a full migration.

The Swift made the decision to coordinate its own upgrade with changes to the eurosystem in order to maintain consistency in light of the ECB statement and requests from the international community of banks and financial organizations that rely on the Swift system.

March 20, 2023, has been selected as the new cut-off time.

The Clearing House (TCH) in America will put the new standard into effect in the US as planned the following year. Fedwire has a March 2025 deadline for making the switch to ISO 20022 messages.

The Immediate Cross-Border Payments transatlantic instant payment system will use ISO 20022 messages as its default communication format (IXB).

To facilitate immediate transfers in the euro-dollar payment corridor, IXB will make use of the real-time payment systems Request To Pay (RTP) in the US, operated by TCH, and analogue RT1 in Europe, operated by EBA CLEARING.

National Bank of Ukraine set the timeframe for ISO 20022 migration of the national payment platform SEP4 (System of Electronic Payments) to the next spring.

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