**Breaking: Industry Expert Questions True ISO 20022 Compliance Ahead of November Deadline**
Trace Financial’s Director of Business Development Paul Ruskin has cast doubt on the financial industry’s actual ISO 20022 compliance levels, speaking at EBAday 2026 in Copenhagen. Despite the coexistence period ending last year and an apparently smooth MT format transition, Ruskin expressed skepticism about banks’ honesty regarding their true compliance status.
With the November deadline for structured addresses approaching, Ruskin warned that translation services remain critical for the industry. He noted that financial institutions failed to capitalize on early transition opportunities provided by Swift, leaving many scrambling. Significantly, artificial intelligence has not yet enabled compliant automation, meaning compliance work remains largely manual.
This assessment raises concerns for banks, payment processors, and fintech platforms that may be operating under false assumptions about their readiness. The comments suggest potential operational disruptions and regulatory scrutiny as the structured addresses deadline nears.
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FXnCO Insight
** Firms should immediately audit their actual ISO 20022 compliance levels rather than relying on vendor assurances, particularly regarding structured address readiness before November.
Source: Finextra