By November 2025, the co-existence period of MT and MX messages will officially ... received messages have been converted by Swift. Without an ISO 20022 migration strategy, financial institutions ...

Introduction to ISO 20022 ISO 20022, also referred to as MX format, is a global messaging standard by SWIFT that enables more structured and rich data to be shared between financial institutions and ...

The structured format of ISO 20022 messages has reportedly streamlined the bank’s processing of payments, leading to fewer manual interventions. “Since adopting more structured MX messages ...

Despite these benefits, according to Swift as of December ... period of MT and MX messages will officially end. All payment instructions must be exchanged in ISO 20022 formats.