Swift is a cornerstone of the global economy. Established just over 50 years ago, this global network facilitates quick and secure cross-border transfers. In fact, every three days, a value equivalent to the entire world’s GDP moves through a network spanning 150 currencies, 11.5K+ institutions, 4B accounts, and over 200 countries and territories.

Two-panel bar chart comparing Mexico's top 10 Swift senders and receivers, showing the United States as the primary partner for both | Sources: Swift's "Mexico Day" Report, Latinometrics
Mexico's top 10 Swift senders and receivers

This year marks a crucial milestone for Swift. The network has set a deadline for migration to ISO 20022 by November of this year.

So what exactly is ISO 20022?

Think of this new ISO as a global standard for financial messaging, one which makes data richer, more structured, and easier to process. In one recent report from Monitor Deloitte, adoption was estimated to help modernize the system by:

Reducing false positives in sanctions screening by 25–30%

Automating the classification of up to 84% of payment messages, significantly reducing the time and effort required for manual investigations

Enabling financial institutions to better personalize services based on customer needs

Facilitating faster payment reconciliation for corporate treasurers

Line chart showing Swift's ISO 20022 payment instructions adoption rate over time, indicating significant progress is needed to remain on track for the November deadline | Sources: Swift, Monitor Deloitte, Latinometrics
Swift's new ISO reaches 35% adoption rate

Swift adoption remains close to projections; however, significant progress is needed to remain on track for the November deadline. Our partner this week, Monitor Deloitte, is supporting several institutions in this transition.

Migrating to Swift’s ISO 20022 brings significant benefits for financial institutions and customers, but it also presents unique implementation challenges that must be considered.

Monitor Deloitte can assist in making this transition. Learn more by reviewing their latest report about ISO 20022 and discover how financial institutions can maximize these benefits. Now is the time to act!