13 Days Left: Banks Face ISO 20022 Mandate as XRP, Stellar Tout Compliance

• The deadline has been set by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to fully implement its new system for exchanging financial data
• ISO 20022 supports much richer data fields than the older MT standard, including purpose codes, structured identifiers, details about the payer or beneficiary, and remittance data
• A report from Central Banking in June showed that almost half of the world’s central banks haven’t yet upgraded their main payment systems to the new ISO 20022 standard

Big financial institutions worldwide are set to complete the transition from legacy payment-messaging formats (the MT series) to ISO 20022’s XML-based MX format by 22 November 2025.

The deadline has been set by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to fully implement its new system for exchanging financial data.

This marks the end…

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