Many species of birds migrate to warmer climates during the winter, but there’s one type of bird that traverses the entire globe — from north to south and back — every year. Born near the Arctic Circle in the summer, Arctic terns travel all the way to Antarctica during the winter, when the southernmost continent is experiencing its own summer. Their annual migration ranges from 44K miles to 59K miles — the longest migration distance of any bird species.Although bankers may not be travelling thousands of miles under their own power, they’ve definitely been on a global journey of their own as they prepare for new standards for international payments. With Swift’s ISO® 20022 migration deadline fast approaching this November, community financial institutions (CFIs) are entering the critical phase of preparation. These final weeks present an ideal opportunity to fine-tune processes, align with third-party providers, and ensure both staff and customers are ready for the shift to the new international messaging standard.For up-to-date guidance and answers to common questions, CFIs can visit Swift’s official ISO 20022 for Financial Institutions hub. This resource offers detailed information on cross-border payments, template requirements, and best practices for implementing the new standard.Final-Phase Checklist for CFIsTransitioning to ISO 20022 is a complex process, but a proactive approach will pay dividends. Use the following checklist to guide your institution through the last phase of migration:
- Confirm your provider’s ISO 20022 status. Work directly with your international wire partners or correspondent banks to make sure their systems, and yours, are ready for the November cutover. This includes asking them about testing milestones, format switch dates, and any action items for your team.
- Understand any customer-facing changes. Carefully review whether file templates, payment portals, or data fields will be updated. Even minor tweaks can impact how your commercial clients initiate and track cross-border wires.
- Communicate early. Don’t wait until the last minute. Proactively notify commercial customers about essential changes — such as new required fields or modifications to existing templates — so they have time to adjust their processes and avoid frustration when the switch happens.
- Review structured data fields. ISO 20022’s new format means more frequent use of purpose codes, party identifiers, and end-to-end reference numbers. Ensure your staff understands these requirements and can assist customers in providing the right information for each transaction.
- Refresh internal training. Update your training materials and hold sessions with operations and frontline staff. They’ll need to confidently address customer questions, explain the reasons behind data changes, and troubleshoot any issues with wire submissions or templates.
- Prepare for exception handling. Remember that the changes aren’t limited to payment messages — return, investigation, and other exception messages will also be formatted differently. Review your procedures to ensure smooth handling when exceptions occur.
For detailed implementation steps, institutions can reference Swift's step-by-step materials and migration checklists at the resource above.Customer Experience MattersThe adoption of ISO 20022 is designed to improve efficiency, transparency, and reliability across the payments ecosystem. Richer data and structured messages promise faster processing and fewer errors. However, even beneficial system changes can disrupt clients’ established routines if not handled thoughtfully.For customers who use file uploads, custom templates, or repetitive payment workflows, adjustments to field names or file formats may be necessary. CFIs should provide straightforward guides, sample templates, or even brief training sessions to ensure businesses are not caught off guard. Good communication is the key to building trust and minimizing the stress that can accompany large-scale system updates.Looking AheadThe global ISO 20022 cutover marks a pivotal upgrade for the payments industry — setting a universal standard that supports greater automation, better compliance, and smarter client services. As the deadline draws closer, CFIs who act now by working closely with their vendors, updating their documentation, and supporting their customers will not only meet compliance requirements — they’ll set themselves apart as forward-thinking, customer-centric institutions.By leveraging official Swift guidance and maintaining open channels with clients, your institution can move through this transition smoothly and confidently — turning a regulatory milestone into a lasting improvement in service quality.
