ISO 20022 is the new standard for financial messaging and is widely considered an essential component to revolutionising the global payment infrastructure.
From November 2022, the industry will embark on a mandatory migration for cross-border payment messaging. The current payment messages (instructions and reporting) in MT format will be replaced by messages in MX format (ISO 20022). This migration will happen gradually, spread across a three-year transition period (November 2022 – November 2025), during which the use of both the current MT format and the new MX format will be allowed.
Learn how Euroclear is preparing and how you can achieve a seamless cross-border payment journey by watching this video with our experts Christine Gallemaert, Head of Product, Digital and Communication Channels and Eric de Spirlet, Head of Product Management - Cash Credit and Liquidity Services.