Insights

Answers to your questions about ISO 20022 migration

2025 transition to ISO 20022

We’ve gathered key updates, answers to your frequently asked questions and a client guide to support you through the transition to ISO 20022, which takes effect in November 2025.
 

ISO 20022 is a new global financial messaging standard that allows for more structured and enriched data content. March 20, 2023, marked the official start of an industry-wide transition to ISO 20022 (MX) messaging across the Swift network for payments, confirmations and reporting messages (FIN/MT), using the Cross Border Payments and Reporting schema definition (CBPR+).
Swift will support both MX and MT message types until November 2025 (the “coexistence” period) at which time Swift will retire general usage of the in-scope FIN/MT payment and cash messages, and all market participants are expected to have converted to MX messaging.

The following Q&A is designed to answer common questions on State Street’s approach to this transition.

You may also refer to Swift’s CBPR+ Portfolio for the latest information on the message migration schedule. Please note you will need to log in via your Swift credentials.
 

Does state street require any data elements that are not mandatory under cbpr
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