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Ongoing use of ISO 20022

Corporates have been exchanging ISO 20022 messages for many years. As a result, bank-to-corporate and corporate-to-bank message exchanges within the Standardised Corporate Environment (SCORE) are not in scope of the ISO 20022 adoption programme. As banks go live on ISO 20022 from November 2022 onwards, there will be no impact on the day-to-day business of corporates. Corporates that exchange MT for payment initiation (MT 101) and reporting (MT 940), or any other MT-type format within SCORE, can continue doing so.

Longer term, as the industry at large, adopts ISO 20022 for domestic high-value and instant payments as well as cross-border, banks may ask corporate users to provide structured name and address details for key payment parties, including beneficiary (creditor). Structured address details break the address into its individual components – street, town, country, etc. The use of ISO 200222 structured address data is expected to increase processing efficiency and automation rates.


New version of ISO 20022

The new version of ISO 20022 messages and message definition reports was released in 2019. For corporates, the level of standardisation it offers can help to drive efficiencies and create opportunities.

This version provides new capabilities that will drive progress in critical areas:

  • New business innovation
  • Cost optimisation through automation
  • Enhanced customer experience

Regulatory compliance
Details on the new version of ISO 20022 are on the ISO website for the standard, including message sets for pain messages and camt messages.

Visit ISO


Ensuring preparedness during the coexistence period

During the coexistence period from March 2023 to November 2025, those in the banking community will move at their own pace in adopting ISO 20022. As of 2025, banks might require their corporates to be fully ISO 20022 compliant. Corporates can work alongside their enterprise resource planning (ERP) and treasury management system (TMS) provider, along with related system providers, to upgrade to the new version of ISO 20022.

Key steps could cover:

  • Configure your ERP/TMS to improve STP − Configure your ERP/TMS/accounting systems to support rich and structured data for compliance and due diligence.
  • Adopt ISO 20022 cash reporting to ease reconciliation − Consider early adoption of ISO 20022 cash reporting to receive rich, structured data to facilitate auto-reconciliation.
  • Upgrade to a newer pain.001 for seamless data flow − Upgrade to a newer version of ISO 20022 payment initiation (version 9) to make use of its rich, structured, and meaningful data.
  • Support new data for agency business models − Enable ‘on-behalf-of’ payments/collections using the ultimate party, and consolidate payments and cash reporting using a concentrator model.

Support for corporates across markets

Swift is closely involved with the Common Global Implementation Market Practice (CGI-MP), a forum enabling market participants to agree on common implementation templates for various ISO 20022 financial messages. We continue to help consolidate CGI-MP guidelines for publication on MyStandards. Meanwhile, the Corporate Working Group (CWG) formulates interoperable guidelines for corporates. These are closely aligned with global market practices for ISO 20022, including Cross-Border Payments and Reporting Plus (CBPR+) and the CGI-MP.

Find out more about CGI-MP

Visit MyStandards

Leveraging API connectivity

Beyond payments, adopting ISO 20022 can help to ensure that corporates don’t miss out on the growing data-driven markets enabled by APIs. We are working with the community to develop a portfolio of corporate-to-bank APIs, including one for Instant Cash Reporting. The goal is to enable more complete, instant and effective data exchange between corporates and banks. For cash management, the CWG and CGI-MP define use cases for interoperable standards. More information is available on our developer portal.

Visit the developer portal

Impact of ISO 20022 on Corporate to Bank flows

Specific FAQs for Corporate to Bank can be found here.

Find out more

Learn more about what the adoption of ISO 20022 for payments means for corporates by referencing the Swift for corporates ISO 20022 FAQs and overview. A full suite of materials to support corporates can be found in the knowledge centre on MySwift.  

Access the knowledge centre