In response to some posts
that say search on Google if you find it talking about the new ISO 20022 system here is the text
The new SWIFT system concerns the migration to the ISO 20022 standard for financial messages, which will replace the old standard (MT) by November 2025. This update aims to enrich transaction data, improve efficiency, automation, and traceability of payments. In addition, SWIFT is exploring the integration of blockchain technology for faster payments and interoperability with new forms of digital currencies and stablecoins.
Update to ISO 20022
Objective: Replace the existing message format (MT) with the richer and more structured ISO 20022 standard by November 2025.
Benefits:
Enriched data: Allows for a more detailed and structured exchange of information.
Automation: Improves operational efficiency through increased automation of processes.
Traceability: Facilitates the fight against money laundering and fraud by requiring more complete identification data.
Deployment: The deployment took place gradually between March 2023 and November 2025. Banks migrated at their own pace, but the new standard will be mandatory for all in the long run.
Exploration of blockchain
Pilot project: SWIFT is working on the use of blockchain, via a "shared digital ledger", to record and validate international transactions.
Potential benefits:
Speed and cost: Aims for a faster and more cost-effective international payment system.
Interoperability: Allows systems to be compatible with emerging payment forms like digital currencies and stablecoins
