SWIFT Delays ISO 20022 a Further Year

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In its March 2020 meeting, SWIFT endorsed ambitious plans for the group to support financial institutions’ payments and securities businesses – but confirmed that implementation of the ISO 20022 would be delayed by 12 months, following “feedback from the community.” ISO 20022 aims to create a single standardisation approach (including methodology, process, repository) for all electronic data interchanges between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content.

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