Migration from SWIFT standards to ISO 20022
Published on June 10, 2025
The SWIFT migration refers to the transition of the SWIFT financial messaging system (Society for Worldwide Interbank Financial Telecommunication) towards the use of a newer, more modern and efficient messaging format, based on the ISO 20022 standard.
ISO 20022 is a richer and more flexible international standard that enables the transmission of more detailed and structured financial information. This standard is designed to be more adaptable to the current and future needs of the global financial system.
This change is part of a global initiative to improve the quality, interoperability, and processing capacity of financial messages between banking and financial institutions, as the traditional MT (Message Type) format used by SWIFT for decades has limitations in terms of the data it can transmit and its structure.
The main benefits of the new ISO 20022 standard are:
- More comprehensive messages that include richer data, facilitating reconciliation, regulation, and automation.
- Improved interoperability between financial institutions across different regions and systems.
- Adoption of a global standard that will also be used by other market infrastructures.
The migration to ISO 20022 has been a global collaborative effort led by SWIFT, with the support and participation of central banks, market infrastructures, commercial banks, and standardization bodies, all working together to transform the landscape of financial messaging.
It is considered a necessary evolution to face the modern challenges of the global financial system, increasing efficiency, security, and transparency in financial transactions.
The deadline for the complete migration from SWIFT to the ISO 20022 standard is November 2025, subject to extensions or deferrals for certain entities.
What does this change mean for financial institutions?
- Institutions must update their systems and processes to handle the new ISO 20022 messages.
- Staff must be trained to understand and use the new format.
- Operational and compliance processes must be adjusted to take advantage of the new standard’s benefits.
What if my organization cannot meet the deadline?
During a transitional period, the MT and ISO 20022 formats will coexist, allowing financial institutions to gradually adapt to the new standard.
If a bank fails to meet the deadlines and the coexistence period ends, it will no longer be able to exchange financial messages through the payment system whose migration deadline has passed.
Neverhack: a leading technological partner in SWIFT migrations
Neverhack is already an international benchmark in supporting financial institutions with their SWIFT migrations, offering consulting services to guide each project, ensuring deadlines are met, and implementing solutions that enable the agile migration of each message.
Additionally, we provide comprehensive IT services that cover all stages of the application lifecycle—from architecture and analysis to implementation, monitoring, and maintenance. We offer full coverage and continuous support, ensuring our clients remain compliant with current regulations and that their systems operate at maximum efficiency.
The tools we work with play a crucial role in the migration to the ISO 20022 standard, integrating, transforming, and routing complex data between different formats and systems. They meet all requirements for message format transformation, orchestration, interoperability, automation, and scalability.
They offer validation capabilities to ensure messages comply with standard specifications and regulatory requirements. This is essential to prevent errors and ensure compliance in transactions.
These tools also facilitate integration with existing systems, allowing financial institutions to continue operating with their current infrastructures while gradually adopting ISO 20022.
If you would like more information on how to implement similar solutions in your organization, feel free to contact us.