The major changes in SWIFT: Payment system upgrade on November 22, why should encryption players follow?

Core Event: SWIFT announced a full transition to the ISO 20022 payment standard on November 22, which means that the global cross-border payment system is undergoing a significant upgrade.

What happened behind the scenes?

The old MT message format is usable, but the data structure is simplistic, information is lost, and the process is slow. ISO 20022 brings structured data explosion—transaction information upgrades from a simple “who transfers to whom” to a complete picture of “who transfers to whom, why, at what time, and what assets are involved.”

Starting from November 22, the banking system will no longer have a choice. A large number of cross-border payments must adopt the new standards; otherwise, delays, returns, and additional fees will become a reality. This is a mandatory requirement, not a suggestion.

What impact does it have on ordinary users?

On the surface? You still click “Transfer,” and the money will still arrive.

In fact?

• Faster transfers: Complete information, no manual verification required, automatically processed by the system.
• Stronger Fraud Detection: Structured data makes anti-money laundering and sanctions checks automated, making it harder for dirty money to mix in.
• Global Banking Unified Language: Banks in the US, Europe, and Asia finally speak the same “language”, making cross-border payments no longer a nightmare.

But there are also risks - banks/countries that are unprepared may go offline in November, leading to payment bottlenecks. This could increase transaction fees and affect businesses' cash flow.

Why should the crypto community pay attention?

Key Misunderstanding Corrected: ISO 20022 is not about “approving a currency”. XRP will not automatically become a compliant asset because of this standard.

But here is the key - when traditional financial infrastructure speaks the same language, the cost of integrating with blockchain significantly decreases. Specifically:

1. Cross-border liquidity acceleration: After banks adopt ISO 20022, the integration with crypto payment solutions becomes simpler, reducing friction.
2. New Collaborations Emerge: It is expected that traditional financial institutions and crypto/blockchain companies will announce joint solutions, waving the banner of “ISO 20022 compatibility”.
3. But don't overestimate: This is just an infrastructure upgrade, and what it can specifically do will still depend on regulation, cost models, and market demand.

What should investors & practitioners pay attention to?

✓ Has your bank/payment provider issued any notifications regarding ISO 20022? Especially for corporate clients dealing with cross-border payments. ✓ Is there news in the crypto news about “xxxx collaborating with yy bank, based on ISO 20022”? ✓ Benchmark Comparison: Has cross-border payment really become faster/cheaper under the new standards? ✓ Mid-November observation: Is there any large-scale payment delay/failure situation? This could become a tipping point for public sentiment.

Bottom line

November 22 is a watershed moment in the history of global payments. It may be indifferent to retail investors, but for banks, payment companies, and crypto infrastructure providers, this is the stage being set for the next decade. Be prepared, stay curious.