Standard MT Release 2018 - 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 2018 (SR 2018). An overview of SR 2018 is also available in 3 SWIFTSmart modules.
Standard MT Release 2018 - Mandatory changes in category 1 and category 2
Please note that there are changes for Standards MT Release 2018 in category 1 and 2 that have a bigger implementation impact than most MT standards releases:
- Field 121 in header block 3 will be mandated in MT 103, MT 103 STP, MT 103 REMIT, MT202, MT205, MT202 COV, MT 205 COV
- Customers of the SWIFT global payments innovation (gpi) service can include field 111 in combination with field 121 (fields in header block 3) in messages where the receiver is not a SWIFT gpi customer. All users must be able to receive field 111 in combination with field 121 in all category 1 and 2 messages.
To ensure the community is aware of the changes 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.
Standard MT Release 2018 - BIC Implementation
The ISO 9362 Business Identifier Code (BIC) standard was revised in 2014. A transition period started in January 2015 and will end 18 November 2018.
All details of implementation changes and impact of the revised ISO 9362 BIC standard can be found in the below information paper:
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 of SR 2019 (guarantees/standby LCs) can be found on the MT Release 2018 time line here.
In addition to the above changes, we have also published the new MT 798 Trade Guidelines for corporate-to-bank communication V5.1.1 (18 May 2018).
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.