ISO20022 Adoption and Migration Strategy

This document is a guide detailing the adoption and migration strategy for the ISO20022 financial messaging standard. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has introduced ISO20022 as a global standard for all commercial and treasury payments, set to be implemented between March 2023 and November 2025. The guide outlines the enhancements brought by the new format, including enriched data fields that improve transaction transparency and operational efficiency. It also discusses the implementation of Purpose Codes and Legal Entity Identifiers (LEIs) as part of the adaptation, which are designed to classify payment reasons and uniquely identify corporate entities involved in transactions. The document highlights the support provided by SMBC Group for clients transitioning from the current MT format to ISO20022, including access to testing environments and file specifications. The timeline for the transition is specified, with a complete shift to ISO20022 expected by November 2025.