IBA Urges Swift Migration to ISO 20022 to Safeguard Cross-Border Payments

On 19th July 2025, the Indian Banks’ Association (IBA) issued a strong advisory to all Indian banks to accelerate their migration to the SWIFT ISO 20022 global messaging standard.

  • This move is crucial to avoid disruption in cross-border transactions as the coexistence period with legacy messaging formats ends on November 22, 2025.

Key Developments

IBA's Advisory to Banks

  • IBA urged banks to begin migration by August 2025 to ensure sufficient operational buffer time.
  • Alarmingly, only three Indian banks have achieved over 85% migration so far.

Risks of Delay

  • Banks failing to migrate face serious consequences after the November deadline:
    • Transaction validation failures
    • Cross-border ....
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