The Final Countdown to ISO 20022
Banks mandatory deadline November 2025
Your ISO 20022 Milestones to Migration
For full details read “The Final Stretch: Are You Ready for the ISO 20022 Countdown?” Please note that many of the tasks below, depending on the size of your operation, your available resources, and your business priorities, can be done in parallel or at different speeds.
2023 Milestones
- Education, Strategy and Gap Analysis – Identify gaps and areas that need to be addressed for compliance. ISO 20022 knowledge for all stakeholders, including training, is critical.
- Implementation Team – Assemble a cross-functional team to lead the planning and execution of the ISO 20022 compliance effort.
- Implementation Plan – Create a detailed roadmap with specific milestones, timelines and actions required to meet the deadline.
2024 Milestones
This will be a year of change. It’s time to prepare your business for the expanded message capabilities of ISO 20022.
- System Upgrades and Integrations – Based on the gap analysis, identify the necessary upgrades and integrations required to align your existing systems with the ISO 20022 standards.
- Key integrations can include Payment Platforms, Core Banking Systems, Enterprise Resource Planning (ERP) Systems, Treasury Management Systems (TMS), Customer Relationship Management (CRM) Systems, Fraud and AML Applications, Data Transformation Tools, SWIFT and more.
2025 Milestones
- Continuous Testing and Validation – Conduct comprehensive testing and validation of the integrated systems and processes.
- Compliance Readiness Assessment – Conduct a compliance readiness assessment to ensure all systems, processes, and personnel are fully prepared for the transition to ISO 20022.
- Parallel Runs and Transition – Execute parallel runs where both the existing systems and the newly integrated ISO 20022 systems operate simultaneously to ensure accuracy and reliability.
- Continuous Training and Knowledge Transfer – Ensure your team and stakeholders are always up-to-date and able to apply ISO 20022 to business processes.
that involves stakeholders across your organization
is key to success
Discover more about ISO 20022 for banks and corporates
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