The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has announced that it will migrate the current foreign remittance file format (MT format) to the ISO 20022 international standard by November 2025. As a result, companies that use foreign remittance services will be required to comply with the new "ISO 20022" format, which will increase the workload of the accounting department and necessitate system modifications, as foreign remittances will no longer be available if the migration is not completed by the deadline. This document provides a basic overview of ISO 20022, typical misconceptions, and points to keep in mind when complying with the new format.