New SWIFT ISO 20022 standard for cash payment messages
Payments in EURO on the TARGET 2, EURO1/STEP1 payment systems will be required to adopt the new SWIFT ISO20022 standard as of 20 March 2023. The SWIFT ISO 20022 standard thus becomes the new defined standard for financial messages, in particular payment messages, which will be deployed between March 2023 and November 2025 (due to the delayed start announced in October 2022). From November 2025, the current SWIFT standard ISO 15022 (MT messages) will cease to exist.
The ISO 20022 migration (MX messages) is a real opportunity for all players to exploit enriched and structured data and to improve operational efficiency through greater process automation.
In this context, Societe Generale Securities Services (SGSS) is preparing to deploy a new application dedicated to the management of cash payments, fully native to the future ISO 20022 standard.
Thanks to this new application, SGSS will be able to offer its clients the benefits of the ISO 20022 standard, regardless of the communication channel used for exchanges.
From 20 March 2023 and throughout the transition period until November 2025, SGSS will be able to receive payment instructions from its clients in accordance with the current ISO 15022 standard (MT1XX, MT2XX) or the new ISO 20022 standard (MX).
SGSS therefore recommends that its clients who currently use the SWIFT network for their payments consider migrating to the new ISO 20022 standard with the support of SGSS.
SGSS will allow its clients who so wish to migrate to the new MX messages from 20 March 2023 for their payment instructions and notices.
The use of MX messages for reporting will be possible in the second quarter of 2023.
During the transition period to the new standard, SGSS will continue to be able to receive and send payment messages in the current MT format.
Also (re)discover our interview with Pierre Colladon, Senior Advisor Public Affairs and Regulation, on the ISO 20022 format.
Christian de Beaufort, Market Infrastructures & Regulation, SGSS.