Senior executives from banks across the world held different opinions on whether they would reach the ISO 20022 deadline of November 2025 on time. A survey held in September 2022 revealed that six out of 10 of such executives from large banks believed they either already met the deadline or would meet it eventually. The remaining 37 percent of those big banks mentioned they would either struggle to reach November 2025, explore alternative solutions or even implement a stopgap. The source found it "alarming" that among smaller banks seven percent had not yet started a migration program. ISO 20022 is a new messaging standard for cross-border money transfers between financial systems and/or financial institutions, no matter where they are in the world. Banks have to be fully integrating into this new payment "language" by November 2025 - a process that started in March 2023. This survey predated that process.
Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets
Characteristic
500 billion U.S. dollars worth of assets, or more
Less than 500 billion U.S. dollars worth of assets
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Seeburger. (May 8, 2023). Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets [Graph]. In Statista. Retrieved December 13, 2024, from https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/
Seeburger. "Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets." Chart. May 8, 2023. Statista. Accessed December 13, 2024. https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/
Seeburger. (2023). Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets. Statista. Statista Inc.. Accessed: December 13, 2024. https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/
Seeburger. "Perceived Progress of Banks Worldwide on Whether They Will Meet The Migration Deadline of November 2025 for Iso 20022 as of The 3rd Quarter of 2022, by Size of Bank Assets." Statista, Statista Inc., 8 May 2023, https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/
Seeburger, Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets Statista, https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/ (last visited December 13, 2024)
Perceived progress of banks worldwide on whether they will meet the migration deadline of November 2025 for ISO 20022 as of the 3rd quarter of 2022, by size of bank assets [Graph], Seeburger, May 8, 2023. [Online]. Available: https://www.statista.com/statistics/1386216/bank-position-on-iso-20022-deadline/