Richer messaging opens up new potential in high-value and cross-border payments
20 Nov 2025
By Jamie Wood, General Manager Clearing Systems
Financial institutions in Aotearoa New Zealand and around the world are about to move into a new era of payments messaging, with the full adoption of ISO 20022 for high-value and cross-border payments on 22 November.
Support for the existing MT standard is coming to an end, meaning all institutions on Swift’s network will need to be ready to send, speak and receive high-value and cross-border payments instructions using ISO 20022.
More than 11,000 Swift members in 200 countries and territories have worked over multiple years to learn and adopt the new messaging standard, which marks a generational change in payments infrastructure globally.
ISO 20022 provides a rich, structured global language for financial institutions that increases the capacity and clarity of payments instructions. Not only can payments be sent with more information, that information is also better organised, meaning it’s easier for institutions to identify relevant details or instructions.
This added capacity brings a range of benefits, including more efficient payment processing and reconciliation and easier compliance with AML/CFT obligations for both high-value domestic and cross-border payments.
As a trading nation, Aotearoa stands to benefit particularly from this change. With financial institutions around the world now able to consistently use ISO 20022’s capabilities, our export economy will gradually experience the benefits of more efficient payment flows and greater financial integration with our trading partners.
There’s still work ahead, and opportunities to unlock, as we continue the journey toward modernising payments in Aotearoa. With the decommissioning of the legacy MT standard, the path is now clear for SWIFT to deliver further updates to ISO 20022 in the future.
Institutions in Aotearoa and globally will need to stay aligned, to remain consistent with international trading partners and to realise the full potential of this generational shift in payments messaging. Payments NZ will continue to support the high-value payments ecosystem through this transition, in our role as industry convenor and kaitiaki of core clearing systems.
On the eve of this milestone, I want to congratulate our High Value Clearing System (HVCS) Participants and their representatives. Your dedication over the past five years has enabled a landmark upgrade that will deliver long-term benefits to our payments ecosystem and the wider economy.