BNY Mellon announced on Friday that it has launched a dedicated one-stop-shop ISO 20022 Hub to support clients and other financial institutions manage the transition to ISO 20022—the new ISO format for electronic data interchange between financial institutions—which begins in November 2022.

“The migration to the new messaging standard, ISO 20022, promises to have significant and widespread impacts on financial institutions across the globe over the coming years,” said Isabel Schmidt Head of Direct Clearing and Asset Account Services Products at BNY Mellon. “It is critical that institutions fully understand what’s required for a successful migration and begin to prepare for the transition starting now.”

The BNY Mellon ISO 20022 Hub will share insights on the mechanics of ISO 20022 transition and its strategic implications. It will provide educational resources, frequently asked questions, as well as expert insights to help the industry prepare for the transition to the new standard.

Specifically, the Hub will include:

• ISO 20022 Fact Sheets: Overview of ISO 20022 basics and timelines, as well as information about BNY Mellon’s strategy to support clients seamlessly throughout the transition and beyond.
• ISO 20022 Learning Curriculum: Summarized content from BNY Mellon’s webcast series, which will feature insights from BNY Mellon experts and external speakers such as SWIFT, as well as associated learning modules covering a range of topics from basic and must-know information about ISO 20022 to the latest news on the progress made by the major RTGS systems (e.g., T2, the Fed, TCH or CHAPS) and SWIFT.
• FAQs series: Answers to common questions received from BNY Mellon’s clients regarding the complex transition.
• Expert Insights: A collection of articles and subject matter expert insights from BNY Mellon’s dedicated team, as well as from industry journals.
• ISO 20022 Resource List: Additional reference sources from industry bodies such as Fedwire and SWIFT.