Citi Payments Perspectives
15 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Payments Infrastructure Developments ISO 20022 Overview By the end of 2025, it is anticipated that the majority of high value payment systems (HVPS) will have migrated to the ISO 20022 format for financial messaging. This is complemented by SWIFT’s own migration to ISO 20022 for payment messages starting in November 2022 and ending in November 2025, which means moving payments messages from what we know as traditional “MT” messaging formats into the ISO 20022 formats. Latest Migration Timelines for 2022/2023 2022 2023 2024 2025 2026 CHAPS T2/EBA CHIPS Others SWIFT Preparation phase Enhancements phase Mature phase Feb’23: Full ISO 20022 Go Live Spring 24: CHAPS Mandates the use of structured data Payments will be rejected if not using the enhanced and structured data Nov’22: Full ISO go live Nov’23: Full ISO go live Fed — In discussion — no earlier than Nov’23 Full ISO go live CHIPS — Nov’23 Full ISO go live SG (L-4-L) TH SA Aus NZ Canada Nov’22 Full ISO go live SG Feb2020 — Full ISO 20022 Go Live RU RO TW ZW Expected Go Live Nov’22 — Nov’23 Full ISO Go Live Go live with Full ISO 20022 Send enhanced and structured data (End 2025) Structured and Enriched Data Adoption Source: Citi. Planned In discussion/TBD Continued � Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary
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