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Global Banks Face 13-Day Deadline to Adopt ISO 20022 Standard

Global Banks Face 13-Day Deadline to Adopt ISO 20022 Standard

Author:

Global Cryptocurrency

Published:

2025-11-10 14:03:02

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BTCCSquare news:

Financial institutions worldwide are scrambling to meet SWIFT's November 22 deadline for implementing the ISO 20022 messaging standard, a universal protocol for electronic data interchange developed by the International Organization for Standardization. The migration replaces outdated text-based systems with structured data formats capable of handling cross-border payments, securities settlements, and blockchain-based transactions.

Europe leads adoption efforts under MiCA regulations, having already completed migration for TARGET2 and EBA Clear systems. SWIFT has delayed this transition three times since 2018, most recently pushing the 2021 deadline to 2022 due to legacy system challenges. The financial messaging network confirms no further extensions will be granted.

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