ISO 20022 Could Bring Instant Payment Speed to Cross-Border Transfers

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Domestic payments now settle in seconds in many countries, but cross-border transfers still often take days and pass through several banks. Vladyslav Kolodistyi argues that linking fast domestic systems to one another, using the ISO 20022 messaging standard as a common language, is the next major step. Several instant systems, including SEPA Instant and FedNow, already run on this standard, and Swift has moved cross-border instructions onto it. Sharing a message format alone is not enough, since currency conversion, liquidity, compliance and liability arrangements still have to be solved. The Financial Stability Board's 2025 progress report found only slight improvement in cross-border payment costs and speed since 2023, suggesting the G20 targets for 2027 are unlikely to be fully met.

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