The upgrade of SWIFT ISO 20022 payment system may have an important impact on banks, digital currencies, etc

On February 26th, the new SWIFT ISO 20022 payment system in March will force banks to accelerate the introduction of the new system by November 2025. The company must also be able to interact with the new system. There will inevitably be further innovation, which will have a potentially important impact on cryptographic assets and digital currencies, especially in the medium term.

Interpretation of this information:

The message highlights the upcoming change in the SWIFT payment system to the new ISO 20022 format. Banks will be pressured to expedite the integration of the new system by November 2025, and companies must prepare to interact with the new system. The update marks a significant shift in the financial landscape, and there is a high possibility of further innovation that will affect digital currencies and cryptographic assets in the medium term.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a global financial messaging network used by banks and financial institutions to facilitate international transactions. The ISO 20022 format is a new messaging standard that promises to improve the speed, efficiency, and accuracy of financial transactions. The transition to ISO 20022 has been in the works for years, but the new update represents a crucial turning point in the process.

The new system will require banks to update their existing infrastructure and processes to meet the new standard. This means that banks will need to invest in new technologies, processes, and data management tools to ensure that they can effectively interact with the new system. Companies that depend on these banks for their financial operations must also prepare to adapt to the new system to avoid disruptions.

In addition to the changes in the SWIFT system, the message also highlights the potential impact on cryptographic assets and digital currencies. While it is unclear what the specific impact will be, the message warns that there will be further innovation in these areas that could have significant consequences in the medium term. It is essential for companies involved in these areas to monitor developments closely and prepare to adapt as necessary.

In conclusion, the message emphasizes the importance of preparing for the upcoming change in the SWIFT payment system to the new ISO 20022 format. Banks and companies must invest in new technologies and processes to ensure they can interact with the new system effectively. Additionally, there is a need for vigilance and readiness for upcoming changes in cryptographic assets and digital currencies. The three critical takeaways from this message are: SWIFT ISO 20022 update requires banks and companies to expedite the introduction of the new system, companies must prepare to interact with the new system, and further innovation in cryptographic assets and digital currencies will have an essential impact on businesses in the medium term.