Whitepaper

Ready Or Not – Here It Comes: There’s No Hiding From ISO 20022

Core Insights for Corporates From the Representative SEEBURGER and Celent Survey

The go-live for cross-border payments and reporting (CBPR) and the coexistence phase for the new financial messaging standard ISO 20022 is set to begin in March 2023. Financial institutions need to get their systems ready and ISO 20022-capable by November 2025. No such deadline has been defined for corporates, but that doesn’t mean it doesn’t concern them. Once banks have finished their migration, Swift’s timeline expects corporates to follow suit – and then the old MT standard will be retired.

Many corporates expect their banks to shield them from any negative impact caused by the migration. But will they? How are corporates preparing for the switch to ISO 20022, what benefits do they see, and most importantly: what will they do if their bank isn’t ready?

In order to answer these questions, SEEBURGER has partnered with leading research and advisory firm Celent to conduct a representative survey. For this, we polled 211 banks and corporates worldwide to learn where the industry is at – and what still remains to be done.

This brief summary highlights the key findings of the resulting report.