ISO 20022 Migration: What should you keep in mind when translating MX-MT messages?

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In December 2021, SWIFT announced the availability of its new In-flow Translation service, intending to support banks to be ready for the November 2022 start of the ISO 20022 migration period.
Banks across the globe are decommissioning their networks supporting the legacy MT format by November 2025 and transitioning to ISO 20022 en masse, following SWIFT’s decision to implement the standard for cross-border payments and the move of many RTGS (real-time gross settlement) to this standard.
Watch our new Payment News Under the Lens video and learn why the migration is so complex for banks, what are the top challenges for banks choosing the translation approach, and how banks can overcome these challenges.
Chapters:
0:20 What’s new with ISO 20022?
1:37 Why is this migration causing issues for banks?
3:06 How can banks deal with this messaging mismatch?
3:31 What are the top challenges for banks choosing the translation approach?
5:52 What are the next steps for banks?
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