SWIFT has walked back its initial plans to delay the ISO 20022 migration of the Eurosystem after its global community requested that it align the start of the global ISO 20022 migration for cross-border payments and reporting (CBPR+) with the European Central Bank’s (ECB) updated timetable to ease implementation.
On 20 October, the ECB announced a delay of the ISO 20022 migration of the Eurosystem by four months.
In light of the announcement, SWIFT had committed to further analyse and validate impacts on the timeline for CBPR+ with a view to maintaining operational and business continuity across the global financial system.
SWIFT said it was clear from community feedback that there is strong momentum across the industry to implement and gain value from ISO 20022 rich data, so the revised start date of 20 March 2023 will be definitive.
The company added that it encourages financial institutions to continue preparation for the 20 March start date and consider all potential scenarios in their planning to ensure readiness for the start of ISO 20022 coexistence for CBPR+ from that date.
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