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Guide to ISO 20022 migration - d b

Deutsche BankCorporate BankGuide to ISO 20022 migration Part 3 Guide to ISO 20022 migration Part 3In 2019, we released our first two guides exploring the upcoming ISO 20022 migration . Since then, much has changed. SWIFT s decision to delay its implementation of ISO 20022 in the correspondent banking space by a year sparked a wave of action from major market infrastructures around the world with many changing their migration approach. But, despite the shifting timelines and additional strains on project work brought about by the Covid-19 pandemic, now is not the time for market participants to take their foot off the pedal.

SWIFT’s decision to delay its own ISO 20022 migration – the second reason cited in support of a delay – means that all affected parties must reconsider their cross-border payments strategy and re-engineer their internal projects, concept and documentation to deal with the mismatch of message types this introduces.

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