Banks and payments processors must prepare be ready to receive "enhanced message content" from November 2021, the Reserve Bank of Australia and the Australian Payments Council have outlined in a Conclusions Paper (the ISO 20022 Migration for the Australian Payments System).Work on an industry migration project to apply the global standard to many Australian payments will crank up immediately with migration to ISO 20022 completed by November 2024.The RBA and APC propose the planning and design phase be completed by February 2021.The build and test phase is proposed to last from November 2020 to November 2021."Participants will be expected to participate in industry-wide testing during this phase in the lead-up to the start of the coexistence period in November 2021," the RBA said.During a three-year coexistence phase -ending November 2024 - "all participants are expected to be able to receive enhanced ISO 20022 messages. "By the end of the coexistence phase in November 2024, participants will need to have completed their payments migration to ISO 20022."