Bank opinion on ISO 20022 deadline

Senior executives from banks across the world held different opinions on whether they would reach the ISO 20022 deadline of November 2025 on time. A survey held in September 2022 revealed that six out of 10 of such executives from large banks believed they either already met the deadline or would meet it eventually. The remaining 37 percent of those big banks mentioned they would either struggle to reach November 2025, explore alternative solutions or even implement a stopgap. The source found it "alarming" that among smaller banks seven percent had not yet started a migration program. ISO 20022 is a new messaging standard for cross-border money transfers between financial systems and/or financial institutions, no matter where they are in the world. Banks have to be fully integrating into this new payment "language" by November 2025 - a process that started in March 2023. This survey predated that process.

Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets

Characteristic	500 billion U.S. dollars worth of assets, or more	Less than 500 billion U.S. dollars worth of assets
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Release date

May 2023

More information

Region

Worldwide

Survey time period

August to September 2022

Number of respondents

211 respondents

Age group

18 years and older

Special properties

senior executives in payments at banks; Assets worth from "at least" 50 billion U.S. dollars to "over" 500 billion U.S. dollars

Supplementary notes

The source does not specify the exact type of survey conducted.

Missing percentage points to 100 percent or percentage points exceeding 100 percent are probably due to rounding.

The source adds the following demographics to its 211 bank respondents:

Split by region:

Finland, France, Germany, Italy, Netherlands, Norway, Portugal, Spain, Sweden, United Kingdom: 80;
Australia, Hong Kong SAR, India, Japan, Singapore: 45;
Canada, United States: 43;
Argentina, Brazil, Chile, Mexico, Peru: 43.

Split by role: