What happened
- Specific facts/numbers: Swift said the next major milestone had been set for November 2026, when unstructured postal addresses were due to be removed from ISO 20022 payment messages, but it is now applying a controlled extension after banks asked for more time; Swift said it will provide an update by December at the latest.
- Institutions involved: Swift is leading the change and said it will consult with banks, central banks, payment market infrastructures, market practice groups, and corporates on the revised timing and approach.
- Regulatory/technical context: The shift from unstructured to structured postal addresses was agreed by the community in 2023 as part of Standards Release 2026 for ISO 20022 payment messages on the Swift network; Swift had framed the change as supporting more precise filtering, improved monitoring, and greater automation.
- What to watch next: Swift said it will consult stakeholders over the coming weeks and publish the updated timing and approach by December at the latest; no more specific next milestone was identified.
Why it matters
The delay reduces immediate migration risk for banks and corporates that still need to remediate customer and counterparty address data, but it also prolongs uncertainty around ISO 20022 change planning.
HKMA Relevance
Indirect: Any delay to Swift ISO 20022 data-format milestones can affect cross-border payments readiness and operational planning for banks active in Hong Kong.