Swift accepts request to extend structured address migration for ISO 20022 messages

Financial institutions just got a breather on a major technical shift. Swift is pushing back the deadline for banks to move to 'structured' postal addresses in payment messages. This sounds like back-end IT talk, but it matters for your store’s daily operations. When your financing partners or payment processors send money, they use a global standard called ISO 20022. The system was supposed to switch to a rigid, highly specific address format this November. However, many banks aren't ready for the change. For a retailer, this extension is good news. It reduces the immediate risk of rejected payments or settlement delays that could happen if your bank wasn't ready for the new data requirements. If your customer’s address or your business address isn't perfectly formatted in the banking system, your funds could have been flagged or stalled. This delay gives the entire financial ecosystem more time to ensure that when money moves from a lender to your bank account, the data doesn't break the transaction. You don't need to take action yet, but expect your payment providers to ask for more precise address data throughout 2025 to meet the new eventual deadline.

Source: Finextra

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