ISO 20022 XML transition

The use of different financial messaging standards creates problems in automating payments from end to end. ISO 20022 is solving this challenge through a globally accepted standard that improves payment efficiency while reducing risk.

Real-time payment networks (such as The Clearing House’s RTP network) and high-value payment systems in more than 70 countries already use the ISO 20022 MX format. By 2025, MX will be the global standard for financial messaging, replacing propriety formats used by payment systems such as SWIFT, CHIPS, and Fedwire Funds.

We are a key player in shaping the financial industry’s transition to ISO 20022. By leveraging this global standard, we will provide our customers with an optimal payment experience based on their needs.

What we are doing to prepare

We are a founding member of SWIFT’s Payments Market Practice Group (PMPG). We’re also an active participant in key working groups that are shaping the transition, including HVPS+, CBPR+, IP+, and various technical user groups. We’re participating in the pilot testing program for SWIFT Transaction Manager and have started community testing with other banks.

To help ensure we’re well-prepared to support our customers, we plan to transition from MT to MX messages in phases.

Message typeTransition plan
Payment messages customers send to usStarting in March 2023, customers can send most payment messages to us in either MT or MX format.Exceptions. We can only accept the following messages in MT format for now:Request for transfer (MT101). Customers should not send pain.001 MX messages to us.Financial markets direct debit (MT204). Customers should not send pacs.010 MX messages to us.
Payment messages we send to customersFrom March 2023 to mid-2023, we’ll send payment messages in MT format.Starting in mid-2023, we’ll send more payment messages in MX format until we fully transition to MX in 2025. In most cases, we’ll send messages in the same format we receive them.
Statement and advice messages we send to customersUntil mid-2023, we’ll send most statement and advice messages in MT format through SWIFT FIN.Exception: Cash management messages sent through FileAct transmission. If customers currently receive these messages in MX format, they will continue to receive them in MX format.Starting in mid-2023, we will offer the option to receive statements and advice messages in MX format through SWIFT FIN+.

We encourage customers to start planning now so they’re ready to send MX messages when the payment systems they use complete their transition to the new format.

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