Is ISO 20022 replacing Swift?

The finance industry has been abuzz with discussions regarding the potential shift from Swift to ISO 20022. Could you elaborate on the reasons behind this potential replacement? Are there specific advantages that ISO 20022 offers over Swift? How might this transition impact financial institutions globally? Are there any challenges or obstacles that may hinder this switch? Additionally, is there a clear timeline for this potential transition, or is it still a matter of speculation? Understanding the nuances of this potential shift is crucial for businesses and institutions operating in the financial sphere.