Payment market infrastructures globally are progressing well on the implementation of ISO 20022 standards. High-value payment systems in Japan, Switzerland, and China are live on the standards. In the U.S., the Fed and TCH (CHIPS) have both announced migration projects from legacy domestic formats to ISO 20022 that will start in 2022. In the Eurozone and the U.K., high-value payments are being transitioned to SWIFT MT standards. The Eurozone’s replacement for TARGET2 will go live in 2021 in native ISO 20022, and the BoE is looking at a similar timeframe for its new RTGS system. ISO 20022 is becoming the default standard for real-time payment systems across various countries. In the corporate-bank space, the standard is widespread, due to the Common Global Implementation (CGI) initiative. SWIFT cross-border payments are scheduled to switch to ISO 20022 by the end of 2021.
In June 2018, the BoE, NPSO, and PSR launched a six-week consultation on the adoption of ISO 20022 as a common standard across the UK’s three main interbank payment systems, CHAPS, Faster Payments, and BACS.