Migrating to ISO 20022
Chapter 2: Rich, Structured, Outgoing MX from MT
The deadline for ISO 20022 adoption is November 2025. Many financial institutions used gateway translation services for incoming MX compliance, but outgoing requirements pose a distinct challenge due to the need for rich, structured data.
ISO 20022's structured format aims to address challenges arising from unstructured data like limited space for remittance information and complex compliance requirements. Embracing structured data enhances transaction clarity, facilitates smoother compliance screening, and improves efficiency in payments processing.
This paper outlines a strategy for adopting ISO 20022's structured data requirements, leveraging machine learning and integration technology for a smooth transition. Early adoption of this standard offers significant operational advantages, reducing manual intervention costs.
