Swift to extend old standard and charge late buy-side adopters

BRUSSELS--Swift, the industry-owned financial messaging firm, is worried that banks and buy-side firms will not be ready for the changeover to a new ISO 15022 messaging standard on November 16, and is preparing to offer continued support for the old ISO 7775 messaging standard beyond its planned phase-out date, while imposing penalty charges on firms that do not comply.

"This is a wake-up call," says Charles Welham, global program director for the ISO 15022 migration at Swift. "We hope that, at