Is ISO20022 replacing Swift?

No, ISO20022 is not replacing SWIFT. Instead, SWIFT is adopting ISO20022 as its standard message format. SWIFT remains the network and infrastructure provider, while ISO20022 is the message format used to communicate over this network.

SWIFT is gradually migrating its message types (MT) to ISO20022 messages (MX) to modernize cross-border payments and reporting. This migration began in March 2023 and is scheduled to complete by November 2025.

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