The great migration: Firms work to integrate ISO 20022
Banks and asset managers are working to adopt the new messaging standard, but it’s easier said than done.
Settlement, asset servicing, and other operations have operated under two main messaging standards: ISO 15022 and ISO 20022. Although 20022 was introduced in 2004 as the more modern standard, 15022—six years its elder—remains widely used. And as some industry organizations have called for an end to the maintenance and use of 15022, some institutions across the industry are beginning to transition to 20022, particularly for payments.
State Street has adopted the 20022 messaging standard while
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