Central Bank of the Republic of Uzbekistan: Transition to the ISO 20022 International Standard
The Department of Methodology and Practice reports that, as part of the modernization of national payment systems and deeper integration with the international financial infrastructure, the transition to the ISO 20022 standard has been implemented.
What is ISO 20022?
ISO 20022 is an international standard for exchanging financial messages within the SWIFT network. It uses an XML-based structure, enabling the transmission of significantly larger and more detailed datasets.
- Transmission of extended and structured information
- Flexible message formats
- High interoperability across different financial systems
Implementation in Practice
In 2025, the Central Bank introduced the practice of sending and receiving SWIFT messages based on the ISO 20022 standard. This initiative is global in nature and is supported by central banks across the European Union.
Format Comparison: MX (ISO 20022) vs MT
The transition to the new standard ensures a qualitative improvement in financial data:
| Characteristic | SWIFT MT (Legacy) | ISO 20022 / MX |
|---|---|---|
| Message format | Text-based | XML (structured) |
| Flexibility | Limited | High |
| Data volume | Low | Extended |
| Interoperability | Limited | Universal |
| Scalability | Complex | Simple and flexible |
Key Benefits and Changes
- New message sets: pacs, pain, camt
- Financial crime prevention: enhanced AML/KYC through richer data
- Efficiency: faster payment processing and automation
- Data quality: improved accuracy and transparency
- Trust: increased confidence and alignment with global infrastructure