ISO 20022 Industry Migration

Leading the industry

AusPayNet is leading the work to migrate the messaging that underpins the High Value Clearing System (HVCS) to ISO 20022.

This once-in-a-generation transformation will impact nearly 50 banks operating in Australia, and hundreds or even thousands of systems over the next two to three years and beyond.

Migration of HVCS to ISO 20022 messaging will lead to a myriad of benefits including richer and enhanced messaging content harmonised with cross- border and the New Payments Platform (NPP) formats.

Australia’s implementation is aligned with SWIFT’s schedule for the migration of cross border payments to ISO 20022. A two-year period of coexistence of using HVCS's current MT messages and the new ISO 20022 messages commences in November 2022.

Full migration will be achieved by the end of 2024. An overview of the key milestones is set our below

 

Phases of ISO20022

 

Read more about the benefits of ISO 20022 in our blog below. For more detail on the migration program, read the Migration Monitor each quarter.

Benefits and Rationale Migration Monitor