What is ISO 20022 and why it matters
The financial industry is entering a transformative era with the global adoption of ISO 20022, a standardized approach to financial messaging that is set to enhance data quality, increase interoperability, and streamline operations across banks and corporations worldwide. By November 2025, financial institutions using SWIFT must fully transition to ISO 20022 standards for cross-border payments, replacing the older MT messaging standards.
ISO 20022 is more than just a new messaging format; it’s a revolution in financial data management. The richer, structured data in ISO 20022 enhances transparency, reduces errors, and allows faster processing. This benefits not only financial institutions but also corporates, who can enjoy improved cash flow forecasting, easier reconciliation, and reduced operational risks. However, the transition involves a significant technical and financial investment, leading some organizations to question whether they’re ready to undertake this transformation alone.
The investment required for ISO 20022 compliance
For organizations directly affected, the ISO 20022 migration involves a comprehensive overhaul of financial messaging infrastructure. This typically means updating or replacing legacy systems, training staff, reconfiguring payment operations, and coordinating with partners across the payment chain. The investment, both in technology and manpower, can be considerable:
- System upgrades: Upgrading messaging infrastructure to accept and process ISO 20022 requires careful planning, testing, and validation.
- Data migration: The transition requires data reconfiguration, as the structured data format of ISO 20022 is different from previous standards.
- Ongoing compliance: Maintaining compliance means ongoing system support, updates, and regulatory adherence, adding to long-term operational costs.
For many organizations, particularly smaller corporates or those outside the financial sector, this level of investment may not be feasible—or necessary. This is where Convera steps in, offering a compliant, cost-effective solution to bridge the gap.
How Convera simplifies ISO 20022 compliance
We recognize that not every organization has the resources or need to invest in ISO 20022 migration. With our ISO-ready infrastructure, we provide a seamless pass-through solution that allows your organization to comply with the new standards without the direct cost and complexity of transformation. Here’s how we can help:
- Format flexibility: We accept and process messages in any format, handling the conversion to ISO 20022-compliant messages on your behalf. This means no costly upgrades or operational disruptions for your organization.
- End-to-end compliance: By acting as your ISO-compliant partner, we ensure that all transactions align with the new standards, freeing you from the compliance burden.
- Cost efficiency: Avoid the substantial investment in new technology, personnel training, and data migration. Our solution lets you maintain operational continuity at a fraction of the cost, so you can focus on your core business.
- Reliable partnership: With our expertise in ISO 20022 compliance, we stay ahead of regulatory requirements and updates, ensuring you stay compliant without additional effort.
The added value of using our pass-through solution
Partnering with us means you stay focused on business growth while we handle ISO compliance. Here’s why it makes sense:
- Seamless transition: We manage the complexities of ISO 20022 so you don’t have to, keeping your business connected to the financial ecosystem without interruption.
- Future-proofed operations: With us, your organization is ready for current and future ISO standards, staying adaptable to any regulatory updates without additional investments.
- Improved data processing: Enjoy the benefits of ISO 20022—better data, improved processing, and greater transparency—without bearing the transformation costs.
Your trusted partner in ISO compliance
ISO 20022 brings exciting changes to the financial landscape, but transformation doesn’t have to be difficult or costly. Let us manage the details and compliance while you leverage the benefits. With our ISO-ready solution, you gain efficiency, reliability, and compliance—all without the investment burden.
Contact us today to explore how we can be your bridge to a compliant, cost-effective future with ISO 20022.
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