According to sources, Indian banks are on schedule to achieve 100% implementation based on the mandatory switching date.
From the end-August 2025, banks in India had achieved 40% implementation, with the global average of 65%. State Bank of India, Icici Bank, Axis Bank, Bank of India and Indusind Bank have already migrated to the new system, according to people who are familiar with the case.
It had reported in his edition of 18 June that only SBI had moved to the new system.
“After guidelines from both the Ministry of Finance and the RBI, banks have accelerated the development of IT systems that are needed to accept the new Swift Messaging Framework,” said an official who is aware of the developments. “Against the switching date, 100% of the Indian banks will be ready to process cross -border payments.”
Swift has repeated that the Deadline of November 2025 will not be expanded. Institutions that do not comply with serious disruptions of payments and potential fines. Wift-the society for global financial telecommunications employees such as the backbone of global financial messages, used by more than 11,000 banks worldwide to make cross-border payments and settlements possible. According to Swift, ISO 20022 means that richer, better structured and more detailed data in payment messages are worn.
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