ISO 20022

Digital payments are based on communication between the parties involved in the payment – the systems must therefore communicate using the same ‘language’. All around the world, central banks, banks and financial infrastructures use the SWIFT network and its format and standard to make payments. SWIFT’s previous standard has limitations, including the amount of information that can be sent with a payment. Consequently, in autumn 2020, SWIFT presented a strategy and timetable for migration to the new ISO 20022 format. The transition will continue until 2025, which is SWIFT’s final date for the old format and the old standard for cross-border payments.

As ISO 20022 is used internationally, it will open up for faster and more efficient processing of payments between countries and currencies. The new format, which includes more information, can also help to increase the transparency and traceability of international payments.

The Riksbank has started a project aimed at migrating the message format for RIX-RTGS to the new ISO 20022 standard. The project will continue until the spring of 2025, at which time RIX-RTGS is expected to migrate to the new message standard.

On this page, the Riksbank will publish documentation and information on the project on a regular basis.