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ISO 20022: A Common Language for Payment Messages

PaymentsBy: Mehdi Mansour Samaei2 min readSource: Swift
ISO 20022: A Common Language for Payment Messages

1Introduction

ISO 20022 is an international standard for financial messages that carries structured, richer data such as full party details and payment purpose.

2Discussion

Swift began migrating cross-border payment messages in March 2023, and the coexistence period with legacy MT payment messages ended in November 2025. Many domestic payment systems have also adopted it.

3Conclusion

Richer data means more automation: faster reconciliation, better AML screening and reporting, and smoother bank connectivity for finance and accounting software.

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Sources

  1. Swift — ISO 20022 ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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