ISO20022 - The new global language of payments
Published on 11 October 2024
ISO20022 harmonises payments across the financial services industry and presents new opportunities for our customers. ANZ is committed to playing our part in modernising the global payments landscape and ensuring a seamless transition for our customers.
ANZ is actively involved with SWIFT and the different financial market infrastructures that are migrating towards ISO20022. We are processing inward cross border ISO20022 messages and are building the foundations of our outward capabilities, which we look forward to making available to customers.
With our customers front of mind, we are exploring approaches that will enable our customers to leverage the richer data and automation that ISO20022 offers.
Benefits of ISO20022
ISO20022 offers the ability to capture richer and more structured data. This provides the opportunity for greater interoperability between market infrastructures and is expected to improve the speed and efficiency of cross border payment transactions.
Improved efficiency
The standardised message format streamlines communication between financial institutions, thereby reducing the need for manual intervention, increasing Straight-Through-Processing (STP) and minimising processing times for cross border payments.
Automation
The availability of richer data may lead to enhancements in automated reconciliation processes and AML controls (such as sanctions screening).
Future readiness / standardisation
As ISO20022 is adopted as the global data standard for financial information in the payments world, this universal message type for all payments will enable greater message harmonisation.
What ISO20022 means for you
ANZ bank and non-bank financial institution customers
If you're a bank or financial institution using SWIFT FIN to interact with ANZ, you will need to be prepared to send and receive MX messages for selected MT message types by November 2025 (when the co-existence phase allowing both MT and MX message types is due to end).
If you’re a bank or financial institution using ANZ Channels (such as ANZ Transactive Global or ANZ Fileactive), at this stage, you can continue sending payments to ANZ in your current message format. However, we are expecting further industry changes to come into effect in November 2026 which may impact the way you send messages to us. As we approach these industry changes, we will work with you to assist with your ISO20022 adoption.
ANZ corporate customers
If you’re a corporate customer using an ANZ digital channel such as ANZ Transactive Global, ANZ Fileactive or SWIFT for Corporates (SCORE), at this stage, you can continue sending payments to us in your current message format. However, we are expecting further industry changes to come into effect in November 2026 which may impact the way you send messages to us. ANZ aims to facilitate a smooth and seamless transition for all customers adopting ISO20022 and will be here to support you during this phase.
ISO20022 timeline
The adoption of ISO20022 is scheduled to take place over the coming years. ANZ is currently accommodating both legacy (MT) and ISO20022 (MX) messages, and in line with mandatory industry milestones, we are preparing to phase out legacy (MT) messages by November 2025, and MX messages containing unstructured postal addresses by November 2026.
ANZ is working with customers and will assist in your migration to ISO20022, in an attempt to minimise any impact to your business. Your ANZ representative will reach out to you to provide further details of the changes and how you can prepare for migration.
ANZ is here to support you every step of the way.
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Published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZ”) in Australia on 11 October 2024. This publication seeks to raise awareness and provides general information only in relation to ISO20022 in Australia. It is based on information available at the time of publication and is subject to change without notice. ANZ makes no representations or warranties about the accuracy or completeness of any information provided and accepts no responsibility or liability for any reliance on it. Before acting on any information provided, consider whether it is appropriate for you having regard to your circumstances. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.