Data and systems become increasingly important as the global economy gets more interconnected. Thus, an interconnected payments industry needs a universal, data-rich language – ISO 20022.
ISO 20022 offers a common payment processing language with robust details that are critical to global interoperability. Therefore, planned migrations both for cross border payments, and individual payment schemes are now in progress.
March 2023 was a significant milestone for the payments industry as multiple market infrastructures went live with ISO 20022 implementation, including SWIFT Cross-Border Payments and Reporting Plus (CBPR+), Euro T2, Canada Lynx, and Australia HVPS. During the same time frame, Bank of America’s global branch network successfully completed the roll-out to migrate to CBPR+ and all of these high value clearings.
The industry's journey has continued, and the next significant milestone for the ISO 20022 interoperability period is the Clearing House Interbank Payments System (CHIPS) payments and payment-related messages go-live in April 2024. With the continued global migration to ISO 20022, the work to deliver a range of benefits to clients from financial professionals continue.Bank of America worked to ensure a smooth transition and continues to drive operational efficiency and enhanced reconciliation alongside technical experts.
