Financial institutions’ ISO 20022 for CBPR+ migration timelines vary enormously, yet the deadline is the same for all financial institutions – whether they have fully adopted ISO 20022 or are yet to make significant progress. By November 2025, ISO 20022 will become the sole globally recognised standard for interbank cross-border payments, and the new MX messaging format will fully replace the old MT messaging format.
Concerningly, adoption has not picked up as significantly since the co-existence period began in November 2023. In January 2024, the ISO 20022 adoption rate of the top 175 financial institutions stood at 19%. By December 2024, this number had grown to 32.9%. It’s clear that institutions need to significantly accelerate their migration efforts over the next few months – or risk the consequences of non-compliance.
ISO 20022 is not just a compliance update – the data-rich format enables organisations to enhance their analytical capabilities, improve their service offering, improve straight-through processing, strengthen anti-money laundering
and compliance efforts, and more.
This impact study explores readiness for the impending ISO 20022 for CBPR+ deadline and features commentary from experts at Finastra and Visa. It answers:
- What needs to happen between today and November?
- What are the main challenges institutions have been facing?
- How can they streamline successful strategies to hit compliance by November and beyond?
- What happens in November 2025 for organisations that have not made the deadline?
Join the Finextra webinar, 'The ISO 20022 for CBPR+ deadline is looming: Are financial organisations prepared?', hosted with Finastra, to learn more.