Post-Migration Analysis of ISO 20022 Transition

This technical report discusses the transition to ISO 20022 following Swift's migration in March 2023, which marked the end of the coexistence period on November 22-23, 2025. The report outlines the implications of this transition for Swift users, emphasizing the shift from technical readiness to realizing the benefits of full ISO 20022 adoption. It documents the industry's nearly 90% adoption rate prior to the migration weekend, which helped ensure a stable cutover. The report highlights the need for improved data quality and harmonization of practices as the industry adjusts to the new messaging standard. It details upcoming changes in 2026, including an annual change cycle for migrated messages, the extension of ISO 20022 to new message types, and the importance of monitoring market infrastructure changes. Additionally, it addresses global regulatory developments that will influence ISO 20022 and the necessity for ongoing collaboration to enhance data quality and operational resilience in cross-border payments.