The next big ISO 20022 migration: Structured addresses

 

• When the ISO 20022 coexistence period ends in November 2025, another milestone is created: the migration to structured addresses. What should banks be doing now to get ready?
• What are the main steps — and potential roadblocks — in moving to structured addresses?
• How can banks get their systems to work together smoothly?
• Can AI help with this transition — and if so, how?
• Beyond compliance, what else can banks do with better data?
  
   

Think the ISO 20022 journey is almost over? Think again. A new migration starts in November 2025 – one that will trigger huge IT projects: Structured addresses.

After November 2026, unstructured address information will be nixed – making way for structured and hybrid-address formats. This will force PSPs to undertake huge IT projects. In just one year (starting November 2025), PSPs will be compelled to rationalise their libraries of messy, unstructured customer address data.

Indeed, next year’s projects are all about data. Onboarding; customer initiation channels; account booking; reporting; statements – every piece of customer data will have to be processed in a structured or hybrid-address format. This means that fixing source information – across the ERP and TMS – will be critical. Though harmonisation between several disparate IT systems will be challenging, the work must start today.

Fortunately, AI can support – be it by interpreting current data, knowing the ‘to-be’ requirements, performing gap analysis; or even creating scenarios, code, and test scripts. The potential resource efficiencies are stark.

Ultimately, AI will be key to accelerating both the compliance journey and the data capitalisation process, which extends far beyond November 2025.

Sign up for this Finextra webinar, hosted in association with Red Compass, to hear our panel of experts discuss why PSPs must now look beyond the November 2025 deadline for CBPR+ ISO 20022.