As the six-month countdown begins for the ISO 20022 CBPR+ migration deadline, the Asia-Pacific financial ecosystem is approaching a critical juncture. While momentum is building, full adoption is far from complete. In a recent webinar hosted by Bottomline, experts from Swift, HSBC, and Bottomline explored the region’s readiness, implementation strategies, and how ISO 20022 is evolving from a compliance task to a driver of end-to-end payments transformation.

 

Growing Adoption, But Gaps Persist

ISO 20022 adoption continues to progress, but there is still work to do. According to Swift, as of the end of April 2025, 38.5% of global cross-border traffic on the network was ISO 20022 native. While encouraging, this still leaves the majority of traffic reliant on legacy MT formats. “We’re seeing solid momentum,” noted Julie Bolan, Head of Payments Go to Market – APAC at Swift, adding that while APAC is gaining ground, it still trails slightly behind Europe and the Americas in overall readiness.

Some markets in the region have moved more decisively than others. For example, Australia’s High Value Clearing System (HVCS) went live with ISO 20022 for domestic high-value payments in March 2023, following years of collaboration among 50 institutions led by AusPayNet. While a coexistence period with legacy MT messages remains in place, full migration took place in November 2024 for domestic payments and will take place in November 2025 for cross-border payments, aligning with Swift’s global timelines. This early adoption showcases how structured data and regulatory coordination can unlock process automation, improve compliance, and provide a richer customer experience.

The November 2025 deadline remains fixed and applies specifically to payment messages in categories 1 and 2 under the CBPR+ umbrella. For banks still relying on MT messages, solution partners like Bottomline offer a transformation and enrichment service that bridges the gap. Alternatively, Swift provide a chargeable translation service. However, this only serves as a contingency for smaller, lower-volume institutions. “This is not a long-term solution,” Bolan clarified. “Institutions need to be moving toward native ISO adoption.”

 

A View From the Front Lines: HSBC’s Approach

At HSBC, ISO 20022 is not merely a compliance requirement; it’s a core pillar of transformation. Sara Amara, Director and Head of Currency Clearing at HSBC, shared how the bank has gone beyond message mapping to embed structured ISO data into its payment systems end-to-end.

She described the benefits already being realised: improved exception handling, better liquidity visibility, support for AI-driven fraud detection and routing, and stronger client self-service capabilities. Processing over 4.5 million payments daily, HSBC has made ISO a foundation of operational resilience.

The journey is not purely technical. HSBC has rolled out global task forces, launched an ISO Academy to support corporate readiness, and committed to native ISO adoption to unlock its full value.

 

Don’t Just Migrate - Modernise

Many institutions still rely on mapping tools or file converters to shift from MT to MX. According to Frédéric Viard, Head of Commercial Product Management at Bottomline, this approach risks leaving much of ISO’s value on the table.

“Translation is only a short-term bridge,” Viard noted. “You lose the richness and structure that enables automation, screening, and better liquidity forecasting.”

He stressed the need for rigorous testing. “You can control what you send, but you can’t control what you receive. Testing across varied use-cases is essential to avoid disruption.”

Bottomline’s transformation and enrichment services help clients manage this complexity, from legacy integration to end-to-end ISO compliance.

 

Supporting Corporate Customers

Corporate migration to ISO 20022 is not part of the mandated requirements for the November 2025 deadline, but early adoption is proving valuable. “The sooner corporates move, the sooner they benefit from improved reconciliation, compliance, and cash visibility,” said Julie Bolan. These downstream benefits, felt in treasury efficiency and automation, highlight why waiting may be costlier in the long term.

To support this shift, Swift is working directly with corporate users, offering message usage guidelines, pilot programs, and planning for a new cash reporting standard in 2025. On the bank side, HSBC’s ISO Academy equips clients through readiness workshops, joint testing, and implementation guidance.

“The goal isn’t just compliance,” added Sara Amara, “it’s enabling clients to thrive in a data-first environment.”

 

Solving APAC’s Cross-Border Friction

The complexities of APAC’s currency landscape, such as exotic currencies, nostro/vostro account structures, and trapped liquidity, make ISO 20022 particularly impactful in this region. Structured messaging improves data transparency across the payment chain, giving institutions greater control over liquidity forecasting, exception handling, and regulatory screening. These enhancements reduce friction in corridors where speed, availability, and transparency are often inconsistent.

Initiatives like Project Nexus further reinforce the region’s commitment to cross-border payment innovation. ISO 20022 serves as a foundational enabler for these real-time interoperability efforts, giving institutions the consistent data structure needed to connect with evolving rails, including APIs, instant payment systems, and even future CBDC platforms.

 

Aligning With the G20 Vision

ISO 20022 also supports the G20’s 2027 roadmap to make cross-border payments faster, cheaper, more transparent, and more inclusive. “By harmonising how we describe payment data, we lower the barriers for interoperability and financial access”, said Bolan.

For APAC, where payment infrastructures and regulatory maturity vary widely, a shared messaging standard reduces fragmentation and helps emerging economies integrate more easily into global financial networks. As Amara noted, ISO isn’t just a technical upgrade; it’s a tool for financial inclusion.

Market Perspectives

Webinar polls revealed a varied picture:

  • Top perceived benefit: 36% highlighted the ability to leverage structured data.
  • Other leading benefits: Improved transparency (16%), fraud monitoring (16%), and reduced manual intervention (12%).
  • Operational advantages: 12% pointed to better intraday liquidity management and enhanced cash visibility, while 8% referenced reduced payment friction and fewer false positives.

Encouragingly, 37.5% of participants indicated they are already realising tangible benefits from ISO 20022. Meanwhile, 20% acknowledged that while the benefits are clear, internal resourcing has yet to be committed.

 

Final Thoughts: Regional Readiness, Global Stakes

As the November 2025 deadline approaches, the message from Swift, HSBC, and Bottomline was clear: ISO 20022 adoption in APAC is not just about compliance. It is a pivotal step toward operational transformation. Institutions that continue to delay risk missing the opportunity to optimise automation, liquidity management, and customer service.

With regional complexities such as multi-currency corridors, fragmented infrastructure, and varying levels of readiness, APAC institutions must take a proactive, end-to-end approach. This includes testing with counterparties, preparing corporate clients, and moving beyond surface-level message translation.

The path forward is collaborative and urgent. The institutions that embrace structured data today will be the ones driving speed, resilience, and trust in tomorrow’s payments landscape.

Watch the full APAC ISO 20022 6-Month Countdown webinar on demand