SWIFT is preparing for a major structural change in the global payments system. The shift will end an older messaging framework and introduce a>Discover how neo-banks become wealthtech in London at the fmls25

On 22 November 2025, SWIFT will complete its migration to the ISO 20022 CBPR+ standard. The network connects more than 11,000 banks and financial institutions across over 200 countries. The cutover will retire the long-standing MT format for core payment instructions and replace it with a unified framework built for richer, more consistent data.

SWIFT has also tested connections with blockchain networks to explore cross-border transfers, CBDC payments, and asset tokenization.

End of the Dual-Format Period

The transition has been underway since March 2023, when SWIFT entered a coexistence period allowing both MT and MX formats. This period ends on 22 November 2025. After that date, financial-institution-to-financial-institution payment instructions must be sent exclusively in ISO 20022.

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Institutions continuing to use MT for core cross-border payments risk delays, rejections, or forced conversions through contingency services, which add costs and reduce transparency.

Connected Blockchains

SWIFT has tested connections between its ISO 20022 framework and several blockchain networks. Ripple has been used for interbank settlements and CBDC payments. Stellar has supported cross-border transfers and stablecoins.

Algorand has been trialed for asset tokenization and digital bonds. Hedera has been applied to corporate and government registries. Quant functions as a gateway between banks and blockchains.

Industry observers expect that by January 2026, further integration of CBDCs and tokenized assets will take place, potentially supporting new models of digital monetary transactions and cross-network interoperability.