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Partnering with PSPs can help FIs meet ISO 20022 compliance deadline through access to structured cross-border payment data with end-to-end visibility into both sides of the transaction while saving on the cost of transformation

May 29, 2025 //  by Finnovate

As timelines tighten and global systems align, financial institutions must act to ensure they’re not left behind. To ensure compliance with SWIFT’s November 2025 migration deadline for international payments, organizations must either fully transform their operations on their own or partner with a trusted provider like Convera.  Institutions that choose not to partner with a commercial payments provider like Convera face a steep path to compliance. Upgrading legacy payment systems to handle ISO 20022 messaging requires overhauling infrastructure to process structured data and retraining teams to manage new data formats and workflows. It also requires ongoing compliance monitoring across multiple jurisdictions.  Without expert support, ISO 20022 compliance can drain internal resources, delay operations, and expose the financial institution to compliance risks. SWIFT reports that ISO 20022 adoption enables up to 84% of exception messages to be handled automatically, significantly cutting down on the time and effort required for manual investigations. In addition, enhanced data quality supports more effective sanctions screening and streamlines software deployment, ultimately reinforcing compliance and fraud prevention strategies for financial institutions. Joe Higginson, Director of Regional Sales, Financial Institutions, Convera said, “Convera helps financial institutions future-proof their payment systems without bearing the full cost of transformation on their own. Our structured cross-border payment data offers financial institutions end-to-end visibility into global payments on both sides of the transaction. Convera offers a critical competitive advantage that unlocks greater automation, yields better customer experiences and strengthens the regulatory standing of financial institutions.”

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Category: Networks Processors & PSPs, Innovation Topics

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