ISO 20022: This Time, Let's Get Payments Data Right
The ISO 20022 migration is the payments industry's best chance in thirty years to fix cross-border data quality. With coordinated mandates and production-proven technology, the opportunity extends far beyond compliance. The question is whether we seize it — or settle for "good enough" again.
This article is written by Parth Desai, Founder and Chairman of ioNova AI on 24th February , 2026 in The Paypers (Expert Views section).
Article Summary
For 30 years, the payments industry has repeated the same costly pattern: migrate to new message formats, focus on technical compliance, defer data quality then face a crisis. From SWIFT MT in the 1990s to SEPA and real-time payments, institutions have consistently prioritized format over data readiness.
Now, three forces have aligned for the first time:
- Coordinated mandate (EPC, SWIFT CBPR+, BIS/CPMI all requiring structured addresses by Nov 2026)
- Production-ready technology (purpose-built platforms processing billions of transactions at sub-50ms)
- Industry momentum (3.9M+ CBPR+ messages flowing daily)
The prize is massive: 60% of cross-border payments require manual intervention today, costing the industry $15-25 billion annually. Structured addressing delivers 98%+ STP rates, 25-30% reduction in false positives, and compound returns across compliance, fraud detection, and AI enablement.
The barriers are solved: Geographic ambiguity, scale challenges, and auditability concerns all now addressable with modern NLP and domain-specific platforms. The constraint is no longer technology; it's institutional decision speed.
This is our moment to break the pattern. Validate early. Treat hybrid as fallback, not default. Remediate data as a strategic program. The deadline is approaching, the technology exists, and for the first time in three decades, we can get payments data right.
Parth Desai is Founder and Chairman of ioNova AI. With over 30 years at the intersection of artificial intelligence and financial services, he has led the design and deployment of AI-driven systems across 100+ financial institutions in 55+ countries. A graduate of IIT Bombay and Georgia Tech (AI), and a research scientist under AI pioneer Roger Schank at Yale, Parth is a recognised voice on payments data quality and regulatory technology. About ioNova →
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The ISO 20022 Paradox: Why Message Migration Is the Easy Part
The payments industry declared victory on ISO 20022 adoption. But format compliance without data readiness is a pattern I’ve watched repeat for 30 years—and it always ends the same way.
Structured vs. Hybrid Addresses: Why It's Not Either/Or
The industry frames hybrid vs. structured as parallel options. They're not. Hybrid is a subset of structured. Here's what that means for your ISO 20022 migration.
What Regulators Actually Require: EPC, SWIFT, and CPMI Decoded
Structured addresses are mandated under ISO 20022. Hybrid is the minimum fallback — not an equal alternative. Here's exactly what EPC 153-22, SWIFT CBPR+, and CPMI Requirement #11 require, with direct citations.
November 2026: The ISO 20022 Deadline That Changes Everything
SWIFT stops accepting unstructured addresses. EPC schemes start rejecting. And the implementation window is already shorter than most institutions realise.