Adopting the new global standard for payments is more important than ever, according to an update from Swift.
As the financial industry moves closer to the CBPR+ November 2025 deadline, Swift has shared comments on some key developments.
CBPR+ stands for Cross-border Payments and Reporting Plus. It’s a program by SWIFT (Society for Worldwide Interbank Financial Telecommunication) that helps financial institutions “migrate to ISO 20022 for cross-border payments.”
ISO 20022 is an international standard that allows financial institutions to communicate “using a common language for payments.”
It’s designed to simplify “global business communication and improve the customer experience.”
As we kick off 2025, the global adoption of ISO 20022 continues to accelerate.
In December, Swift noted that we saw “an average of 1.4 million CBPR+ payments exchanged daily, spanning 150 sending and 220 receiving countries—a testament to the truly global nature of this adoption.”
The final quarter of 2024 saw adoption rates “up by an impressive 6% taking the total up to 32.9% overall.”
According to the update from Swift, 2024 marked a “significant turning point in the adoption journey.”
The increasing integration of corporate-to-bank payment flows ensured the benefits of ISO 20022 “extended deeper across the payments ecosystem, bringing enriched data and enhanced interoperability to more businesses and banks worldwide.”
As we look ahead to the November 2025 deadline for the end of MT/ISO coexistence, the “momentum is building.”
Swift also mentioned that now is the time to focus efforts, “capitalize on the benefits of the new standard, and prepare for a future-ready payments landscape.”
Swift said that rest assured, they’ll continue to “work closely with the community, providing support and guidance to help everyone fully embrace ISO 20022 as a foundation for innovation and interoperability.”
With the November 2025 deadline for payment instructions drawing closer, J.P. Morgan Payments also shared insights from their ISO 20022 adoption journey, and lessons that may help the community.
