Swift’s new payment standard promises faster, smarter global transactions

Swift is driving the global adoption of ISO 20022, a unified standard for cross-border payment messaging, with full migration set for November 22, 2025. Backed by the G20 and CPMI, the upgrade aims to modernize international transactions through richer, more structured data.

Source Swift

The new format allows for improved transparency, better remittance information, and enhanced fraud prevention, making global payments faster and more efficient. Financial institutions using ISO 20022 will gain access to more granular analytics and require less manual intervention.

According to Swift, ISO 20022 will be a key milestone in payment modernization, enabling better compliance, resilience, and customer experience across the global financial ecosystem.