The initiation phase has been delayed from 2021 to 2022, however, the migration completion date remains 2025.
The deadline has been not been affected and remains 2021.
Phase 1 (preparation phase) whereby both the like for like and enhanced message ISO 20022 schema will be published, is due to be completed in 2020. The date of completion for Phase 2 (Introductory phase) remains 2022, however, although direct participants will still only be required to send like-for-like data content in this phase, they must now be able to receive and (if required) pass-through enhanced data. Phase 3 (enhancement phase) is scheduled to be completed in 2023 and will require all direct participants to be able to also send the enhanced messages.
The Phase 1 initiation date has been delayed and will not begin on November 2021, however, currently the predicted migration completion date remains 2023.