ISO 20022
ISO 20022 is the international standard for financial messages. It defines payment, statement and reporting messages as structured XML with named fields for each piece of data. SEPA has used it from the start, and since November 2025 it's the only format for cross-border payment instructions between banks on Swift.
Why it replaced MT messages
Older Swift MT messages, such as the MT103, pack names, addresses and payment details into short free-text lines. That makes automated screening and reconciliation hard: a name and a street can end up in the same field, and remittance information gets cut off. ISO 20022 gives every element its own field and allows much richer data, including structured remittance information, purpose codes and the Legal Entity Identifier.
Messages you'll hear about
| Message | Used for |
|---|---|
| pain.001 | A client's payment instruction to its provider |
| pacs.008 | Customer credit transfer between banks, the successor to MT103 |
| pacs.009 | Bank-to-bank transfer, including cover payments |
| camt.053 | End-of-day account statement |
| camt.054 | Debit and credit notifications |
What changes for a business
The biggest practical change is addresses. Since November 2025, banks can send hybrid addresses, where town and country sit in their own fields and up to two free lines carry the rest. Fully unstructured addresses are still accepted until at least November 2027; the industry had planned to stop them in November 2026 but postponed it. After that, payments with unstructured addresses can be rejected.What to do now:- Store beneficiary addresses in your ERP or payment files as separate fields: street, building number, postcode, town, country.
- Check that your bulk payment files can carry ISO 20022 data, not only the old fields.
- Use structured remittance information when your counterparties need to match invoices automatically.
FAQ
No. SEPA Credit Transfer, many instant payment schemes and most domestic high-value systems in Europe use it too.
MX is Swift's name for ISO 20022 messages on its network, as opposed to the older MT format.
Not as a rule. The standard has a field for it, and some banks ask for it on large corporate payments.
Not yet. Cross-border payment instructions between banks moved in November 2025, but some MT messages, such as MT101 and statement messages, continue for a transition period.
Last reviewed October 21, 2026Disclaimer
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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