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Fully-fledged implementation of ISO 20022 messages

1 July 2021

The Market Infrastructure Board has decided to move forward with fully-fledged ISO 20022 message implementation in the T2-T2S consolidation project and to not further pursue a “like-for-like” fallback solution. The decision is based on SWIFT’s confirmation that an in-flow translation solution will be available, which will allow the conversion of ISO 20022 messages to multi-format MT/MX messages for correspondent banks until they have migrated to the ISO 20022 message standard. The like-for-like solution was under consideration following the rescheduling of the global rollout of ISO 20022 for cross-border payments in 2020. Its objective was to prevent any potential risk to the go-live of the T2-T2S consolidation project in November 2022.

The Market Infrastructure Board appreciates the constructive collaboration between SWIFT and the ECB which has made it possible for the new T2 system to go live in November 2022 without a like-for-like 20022 message solution.