Coming, ready or not: ISO 20022 SWIFT Compliance Deadline
The November 2025 deadline for ISO 20022 compliance is fast approaching, requiring all financial institutions handling SWIFT payments to adopt the new messaging standard.
Implications of Non-Compliance
While customer transactions won't be immediately affected, non-compliant messages will incur additional processing costs for banks. The exact financial impact remains uncertain, as many institutions are still assessing their readiness for this transition.
Navigating Technological Upgrades
Technological transformations often come with challenges, and the shift to ISO 20022 is no exception. This industry-wide change carries commercial implications beyond regulatory compliance.
Engaging with the Industry
I'm keen to understand how different institutions are approaching this challenge. Do you feel prepared, or are there uncertainties that need addressing?
Are you prepared or uncertain?
In my experience, major projects in banking often come with a false sense of readiness - you are often not as ready as you are led to believe, especially when different parts of the bank have conflicting perspectives.
One team may think everything is on track, while another sees major gaps, leading to last-minute scrambles.
Additionally, the perfect path is often assumed, with little room for flexibility when things go wrong. This rigid mindset, where failures to meet all criteria aren’t accounted for, creates the potential for a deadline miss that could have been avoided with a more adaptive approach.
To make matters worse, any penalties are not well understood and therefore often not properly considered, meaning the true risks of non-compliance or delay aren’t factored into decision-making until it’s too late.
It’s a cycle that repeats unless teams acknowledge uncertainty, plan for setbacks, and truly grasp the consequences of falling short.
Are you prepared for, or uncertain about, the ISO 20022 SWIFT compliance deadline? I’d love to hear your views!
or reach out directly to Vaughan Collie at Accort: Vaughan.Collie@accourt.com
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