Impression of banks worldwide on meeting ISO 20022 deadline as of 2022, by bank size
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.