Disclaimer: It was actually 9 days ago.
Every so often, the payments industry makes a change that doesn’t grab headlines… but absolutely deserves to. Last week was one of those moments.
The global switch to ISO 20022 has finally been completed, and while it sounds like something only bankers should care about, I actually think it’s one of the most important behind-the-scenes upgrades we’ve seen in years.
Why?
Because this is the foundation everything else relies on.
Faster cross-border payments, fewer errors, cleaner data, smoother compliance checks- these things don’t happen because someone writes a nice press release. They happen because the infrastructure underneath is finally built to handle them properly.
From my perspective at August Exchange, this shift lays the groundwork for a world where international payments should be far more efficient and predictable than they’ve been in the past. Anyone who has dealt with payment delays, missing references, compliance queries, or “the bank needs more information” emails knows exactly what I mean.
Now, will ISO 20022 fix everything overnight?
Of course not. These transitions never move that fast. But it does mean the rails are now better aligned for improvements we’ve all been waiting for, faster settlement, clearer tracking, fewer bottlenecks, and a generally more reliable experience for individuals and businesses moving money across borders.
From an FX perspective, I think this will matter more than people think. Confidence in the payment journey is half the battle. When clients can trust that their money will move cleanly and predictably, they can focus on timing their FX decisions rather than worrying about operational issues in the background.
It’s early days, but I’d say this is one of those moments we’ll look back on in a few years and say ⬇️
“That’s when things started to improve.”
Curious how these changes might benefit your international payment process? Feel free to reach out. Always happy to talk through how this aligns with your FX strategy.
Pick of the Week – ‘The ISO 20022 shift, and why it actually matters’
This week’s ‘Pick of the Week’ is in relation to the recent global switch to ISO 20022. In the article, we discuss what it is and how it will affect international payments moving forward.
