Standards releases

Gain a clear picture of upcoming releases and manage the impact on your business using our dedicated tools

Release highlights

Standard MT Release 2017 - Business highlights

The annual MT Standards release ensures that the message types (MTs) exchanged by SWIFT users remain suitable for the business areas in which they are used, by enabling new business functionality and compliance with changing regulations.

Click here to learn more about high level, business information related to the changes made to MT messages as part of Standards Release 2017 (SR 2017).

SWIFT Maintenance - Funds Order messages

For the first time in ten years, the ISO 20022 investment funds order (setr) messages in the SWIFTNet Funds solution are being maintained. This is a mandatory maintenance. In November 2017, a new version of the investment funds order messages will go live in the SWIFTNet Funds solution and the older versions will be withdrawn.

The new release includes functionality for alternative/hedge fund instruments, improvements to eliminate ambiguity in the area of charges and commissions  and  functionality  to allow compliance to regulation. The new versions will ease implementation of the order flows for the funds industry in general.

The message schemas, documentation and the Funds Service Description are available on swift.com , in the Solution section of the User Handbook, in Funds 5.0.

For time-line information, see the standards release page -  MX release 2017.

Standard MT Release 2017 - Category 3 messages for NDF and NDO

The MT 300 is used to confirm trades in several FX products, including Non-Deliverable Forwards (NDF).  NDFs are also supported by the MT 304 and Non-Deliverable Options (NDO) by the MT305.  As part of SR 2017, mandatory standards changes are being made to the way that NDFs and NDOs are supported in these messages.

NDFs and NDOs have long been supported using code-words in free format fields. This has led to poor usage by many senders, which in-turn has caused operational and settlement overheads and risks.

During 2015, the SWIFT FX Market Practice Group invested considerable effort, together with representatives of ISDA and the AFME Global FX Division, to agree on improvements to the messages themselves, as well as the way they should be used. On 19 November 2017, the new version of the MT300, MT304 and MT305 will go live as part of the annual FIN Standards Release, from which time messages that continue to use the old code-words will be NAK’d by the network.

Full details of the changes are in the Standards MT Release Guide 2017 and a training module called Non-Deliverable Forwards (NDFs) and Non-Deliverable Options (NDOs) – Standards Release 2017 is available on the SWIFTSmart platform.  The updated user handbook and a message usage guide for derivatives in Category 3 will be published on 21 July 2017.

For time-line information, see the standards release page:  Standards MT release 2017.

Standards MT Release 2017: Reminder to all users of the MT 103, MT 103 REMIT and MT 103 STP

Exceptionally, the impact of SR 2017 is not limited to message text standards (block 4 of a FIN message). Also approved was a change that impacts the User Header Block (block 3) of a FIN message. To clearly indicate this change to the FIN users, additional documents were published on the Standards Release Guide 2017 web page:

The new fields in the User Header Block are linked to the SWIFT gpi service, but the impact is not limited to SWIFT gpi users. All MT 103, MT 103 STP, MT 103 REMIT receivers are potentially impacted. FIN Inform users and Market Infrastructures using FIN copy have another potential impact in the MT 096 as this message contains a copy of the original message (also Header Block 3 which may, as of SR 2017, contain field 121 and 111).

To highlight this to Financial Institutions (FIs) and Market Infrastructures (MIs), SWIFT Standards organised webinars in February 2017 to explain the change and the potential impact. Slides of these webinars are available  (slides for FIs and slides for MIs).
Based on questions received during the webinars, a Frequently Asked Questions (FAQ) document was produced and published.

Although there are no processing obligations for non-gpi users, it is nevertheless important to verify that if the header fields are passed to the back-office, all applications are able to receive them.
Banks that are not in the SWIFT gpi Closed User Group (CUG) must be able to receive these header fields but will not be allowed to send or forward messages containing fields 111 or 121.

Standards MT Release 2018 and 2019: prepare for major changes related to Category 7 messages

We would like to inform you that a mandatory maintenance will be performed on MT Category 7 messages in November 2018 and November 2019, as part of the continuous improvement of our standards.

To ensure you can plan sufficiently in advance for these releases and to provide you with all the information you need, SWIFT Standards has organised webinar sessions that have been recorded. More information can be found here.

The advance documentation for the Category 7 messages can be found here.

In addition to the above changes, we have also published the new MT 798 Trade Guidelines for corporate-to-bank communication V5.

Standards MT Release 2020: Free format deletion for party fields in MT Payments messages

The Payments Maintenance Working Group (PMWG) decided in its August 2015 meeting to mandate the use of structured data in ordering and beneficiary customer fields by removing the free format options from these fields in the November 2020 standards release.
A five year time-frame was chosen because the change may have far-reaching consequences for banks’ payment processing systems. SWIFT recommends the community to prepare for the 2020 release and to migrate as soon as possible to the structured format options 50F and 59F.

More details in the dedicated Standards Information Paper.

Support

User Handbook

Find here all documentation about our services, software and products

Standards releases

Standards MT Release Guide 2017

The Standards Release Guide (SRG) for Standards MT November 2017 describes the changes for the next version of the Standards messages.

Standards releases

Category 7 – Upgrade SR2018 and 2019

The revamp of Category 7 is the biggest upgrade ever and will include 9 new messages

Download (36.72 KB)
English

MT Standards Release Portal

The most efficient and reliable way to manage the critical annual release process for your organisation

MyStandards

The ultimate tool to manage standards definitions and industry practice more efficiently