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ISO 20022 for corporates

ISO 20022 is the new messaging standard which is making way for richer, more structured data. It is transforming the payments industry, improving transparency and security.

This new standard is impacting all parties involved in payments, collections and cash management. Corporates are recommended to consider how they can prepare for the transition and how they might look to operate in the future.

Introducing ISO 20022

Finally, the world’s biggest payment schemes, banks and SWIFT are coming together to adopt a single messaging standard across the globe, ISO 20022. This will be hugely beneficial to you and your customers.

The industry is at the start of a journey, which should see all major payment schemes adopt the global ISO 20022 payment messaging standard by November 2025. As each scheme goes live, there will be huge opportunities for Corporates to improve their reconciliation, internal reporting and even their cash flow forecasting.

Barclays will take you along this journey, which should not be underestimated as it is the biggest change within the domestic and global payments industry for a generation.

What is changing for corporates?

Benefits of ISO 20022 for corporates

Standardising the format used by payment schemes in a particular country and across the globe creates potential efficiencies and opportunities for innovation. The ISO 20022 format replaces the use of SWIFT MT for financial institutions, which has been in place since the 1990s and is due for an upgrade.

Although the change is driven by payment schemes and SWIFT, there are many potential benefits your organisation and customers should consider:

  • The richer, structured data may provide enhanced analytical opportunities that could lead to a better understanding of customer behaviour
  • By streamlining processes, you can be more efficient in managing and organising your data
  • Enhanced data available to you may have potential benefits for improving your reconciliation and cash flow forecasting.


What this means to your organisation

Barclays intends to support all of our clients through this major change across the industry. We recognise that each organisation is different and may need a partner to schedule the change to suit their situation. We recommend that you consider the following points to start your transition to ISO 20022.

  • Consider any potential impacts to your back office processes
  • Review your internal systems and the way you currently manage data
  • Engage early with your providers of treasury and payments systems to understand how they can support you
  • Identify if your suppliers intend to make any changes to the information they will provide in their invoices.

Further support

Please click below for further reference material.

Useful links

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 dedicated is to the adoption of ISO20022.

Global Legal Entity Identifier Foundation^

ISO20022.org ^

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