Migration to ISO 20022 MX messages
What is ISO 20022?
ISO 20022 is a global standard for financial information exchange. It's designed to streamline payment messages between banks, financial institutions, and systems, providing a common platform for data-rich transactions.
ISO 20022 is based on Extensible Mark-up Language (XML).
Why ISO 20022?
Such a major change should have some benefits for the industry. ISO 20022 also has multiple such benefits. Few of them are as following:
SWIFT Migration Timelines
Scope of Change
SWIFT has advised the migration of 1xx, 2xx, and 9xx messages to ISO 20022 in the first phase. Post end of coexistence phase, popular messages such as 103, 202, etc would be replaced by their MX equivalents such as pacs.008, pacs.009 etc.
Important milestones
- Implementation of Co-existence period got initiated in March-2023 for SWIFT CBPR+ instead of original schedule of November 2022
- *Important* In November 2025, cross-border payments and reporting traffic shall have migrated to the ISO 20022 format and Categories 1, 2 and 9 of MT messages* will be retired. That will mark the end of the co-existence period for SWIFT CBPR+.
By then at the latest, financial institutions must natively adopt ISO 20022 for SWIFT CBPR+.
SBI Japan Operations branches – Migration to ISO 20022
In preparation for migration to ISO 20022, our branches (Tokyo & Osaka branch) would be updating our payment system in following phases.
Phase 1 – August 16-17, 2025
Phase 2 – August 23-24, 2025
Phase 3 – November 22, 2025
We are already sending all the outward messages in MX format using SWIFT’s MTMX conversion service. However, in above mentioned phases we would be moving to ISO20022 Swift Payment system completely and all types of outward messages will be directly sent in MX format.
We will be using SWIFT’s MTMX conversion service for conversion of incoming MT messages till the November 22, 2025.
We shall continue to receive and process MT103/ 202/ 202 cover and other MT format messages with value date of November 22, 2025 until cut-off time (2.00 p.m.) on November 22, 2025.
Any MT message received earlier with a value date after November 22, 2025 cannot be processed.
If you have any query, please feel free to contact us.
Thank you for your continued co-operation.