As the securities industry begins its ISO 20022 journey, a panel of industry experts at Sibos 2025 was asked what lessons it can draw from payments, a sector that has already navigated the shift. The session “One standard, many implementation approaches – What can securities learn from payments?” explored questions of execution, adoption, and whether fragmentation across markets can be avoided.

From the payments side, the message was clear: communication and clarity matter. Stephen Lindsay, Head of MIs and Standards Communities at Swift reflected on the global migration: “It took a lot of communication, a constant reminder to everyone that this is happening and that there is no going back.” He also pointed to November 2025, when coexistence ends for payments, as “a clear deadline”, something securities markets currently lack.

Gloria Lio, Head of Enterprise Services at DTCC, described how US securities are preparing and explained that DTCC has set a firm migration date for Q3 2027, but that the rollout is designed to minimise risk by incorporating client feedback. Instead of a single “big bang,” features will be introduced incrementally so participants can adopt them step by step. She highlighted that testing and validation tools will already be available from the end of this year, giving clients a long runway to prepare ahead of the final deadline.

A common European data dictionary

Mario Domenico Recchia, Managing Director at Intesa Sanpaolo highlighted the complexity of Europe’s fragmented markets, noting, “We are all intermediaries, and that means that there is an efficiency there, but there is also the opportunity to validate data.” He emphasised efforts to harmonise corporate actions through a common European data dictionary and stressed that “as new activities need to be standardised… most likely that development work would only take place in ISO 20022,” underlining the standard’s long-term role.

Regional differences were evident too. From Mexico,  Lourdes Sohlé Domínguez, Post Trade Product Associate Director at the Mexican Stock Exchange Group explained that the market is rebuilding its infrastructure from the ground up: “We decided to get rid of everything, to analyse from scratch the services and the processes that we have.” With a new Nasdaq-based core system, Mexico is seizing the chance to embed the standard from scratch.

Harmonisation

On the investor side, Stuart Warner, Head of Strategy and Change, Custody, MSS Operations at HSBC, reminded the audience that adoption must deliver benefits: “From an investor perspective, ISO 20022 means richer data, less risk, and more automation. That’s where the value is.” He also urged realism about the timeline: “We need to ask ourselves, is this a single film or a trilogy? Because if it’s a trilogy, we need to be prepared for the sequels.”

So, can securities avoid the fragmentation that still dogs payments? The panel was cautious. As Lindsay put it: “We have to be realistic – securities are more complex, but harmonisation is possible if we focus on the right areas.”

Sibos 2025 plays out in Frankfurt from 29 September to 2 October, with about 12,000 registered delegates. We are there, overview our coverage here.