What if ISO 20022 went live today?

What would have happened if ISO 20022 had not been delayed from its original deadline of 22nd November 2021?

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2 min read

22nd November 2021. The ISO 20022 transition period was initially planned to start today. If it had, banks worldwide would have been receiving their first high-value payments messages in the ISO 20022 format from SWIFT or TARGET2. But, as we know, in March 2020, SWIFT pushed the migration deadline back by one year.

But, what would have happened if the ISO 20022 migration had not been delayed? Would you be lost in translation? Would you be smoothly processing all your correspondent payments, or would you be panicking because you missed the compliance deadline and became excluded from the TARGET2 settlement loop? Would you be checking and validating all the newly received extra information? Would you be unknowingly processing criminal payments because your FinCrime systems could not adequately scan the whole ISO 20022 message, exposing yourself to the risk of being fined for AML breaches?

To celebrate a “What if ISO 20022 went live today” event, as the sun rose in various parts of the world, we organised three short, sharp, and to the point breakfast conversations between our RedCompass Labs experts and some very special guests on hot topics such as:

The current state of the industry
How the Asian, European and North American markets have managed the delay announced by SWIFT
The challenges each region has overcome or is currently facing
The opportunities that lie ahead for the ISO 20022 migration