About ISO 20022

ISO 20022 is an international standard for electronic communications in financial services, developed by the International Organization for Standardization (ISO). The standard is based on XML files with a clearly defined structure, which allows precise transmission of information about transactions.

ISO 20022 aims to:

  • unify and simplify data exchange between financial institutions, businesses and payment systems,
  • increase the security of payment transactions.

ISO 20022 Implementation schedule

The transition to the new standard is gradual – each system has its own schedule:
  • SEPA CT – has been using ISO since 2008.
  • TARGET2 – switched to ISO in 2023.
  • SORBNET – from September 2025 operating exclusively in ISO.
  • SWIFT – ends the transition period in November 2025; the existing MT standard (e.g. MT103, MT202) will be replaced by the new MX.
  • ELIXIR & Express Elixir – planned transition in 2027.

The schedule may change - we will keep you informed.

According to global regulations, from 2027 onwards, all payment systems will be fully based on ISO 20022. The XML format will become the primary way of exchanging data in payments.

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