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The one Canada square clock in Canary Wharf. Barclays will assist corporates adopt the ISO 20022

ISO 20022 for banks and non-bank PSPs

The adoption of the messaging standard ISO 20022 is at the core of a major transformation across the payments industry, involving Market Infrastructures such as CHAPS, Financial Institutions and Payments Service Providers.

Introducing ISO 20022

ISO 20022 (sometimes referred to as MX by SWIFT) is a standard that allows for richer, more structured data content than the current legacy messaging standards and will bring consistency to the financial messages passed between participants.

The change to a new format has a number of significant implications for all participants across the industry. 

What is changing?

Benefits of ISO 20022

This new format replaces SWIFT MT. Standardising the format so that it is similar across the globe (e.g. FPS and CHAPS using the same format) helps to drive value for users, with potential for innovation, improved security and speed.

Although the change is driven by Market Infrastructures and SWIFT, there are lots of commercial benefits in using this new format for the industry. Below are topics you may want to consider when determining the value of this change to your organisation and your customers.

What this means to your organisation

Barclays intends to support banks, broker dealers and non-bank PSPs that want to adopt the new format. We recognise that each organisation is different and may need a partner to schedule the change to suit their situation. Please speak with your Relationship Director or Cash Specialist to discuss how we can further support your transition.

Further support

Please click below for further reference material.

Useful links

Client Questionnaire
We request your time to complete this short questionnaire to help us define how we can be of assistance.

SWIFT
Introduction to the new standard, golden source for formatting specifications and online training resources.

Payments Market Practice Group^
The PMPG is an independent SWIFT advisory group, comprised of payments experts from around the globe.

European Central Bank^
This section of the ECB website is dedicated to the adoption of ISO20022.

Bank of England^
This section of the Bank of England website is dedicated to the adoption of ISO20022.

Global Legal Entity Identifier Foundation^

ISO20022.org ^

Industry expertise

Banks

Get support and expertise from Barclays Corporate industry specialists across the Banks sector.

Industry expertise

FinTech

Get support and expertise from Barclays Corporate industry specialists across the FinTech sector.

ISO 20022 for corporates

We discuss how migration to ISO 20022 has a number of significant implications for corporates and their partners across the payments industry.