This white paper outlines how financial institutions can successfully migrate to ISO 20022, a global standard for financial information. Highlighting the standard's adoption led by Swift for cross-border payments, the paper notes that over 500,000 daily messages are already being exchanged, representing a significant shift in international payment processes. The transition period, extending until November 2025, allows institutions to adapt at their own pace. The paper, by Cognizant and Tricentis, emphasizes that ISO 20022's structured data improves transaction quality, facilitates easier invoice reconciliation, reduces manual interventions, and enhances customer profiling through better data analysis.

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