ISO 20022
A global standard for electronic data exchange between financial and trade market participants.
A common language for payment data
ISO 20022 is an open international standard for electronic data exchange that facilitates consistent interpretation and understanding of information in the payment domain.
For SWIFT interaction, the standard supports migration from category 1, 2 and 9 MT message formats to more structured MX formats.
For SWIFT interaction, the standard supports migration from category 1, 2 and 9 MT message formats to more structured MX formats.
Advantages of Using MX Formats
Improved Data Interchange
Quality data meet long-term requirements of customers who need more information with regard to wire transfers included in each transfer order. This is also good news for risk managers and regulators who require additional guarantees.
Extended Features
The new format offers data content that is more structured facilitating for business managers faster creation of innovative banking products as compared with MT.
Raised Efficiency
The standard brings about an increase of the end-to-end STP rates and a reduction in the number of erroneous responses due to low data quality that create payment exchange risks.
ISO 20022 Solution
The updated Payment System/Local Clearing module, part of the core banking system, supports migration to the new standard.
The solution supports CBPR+ interaction patterns and exchange formats, parallel use of MT and MX standards, and processing of payment types across different countries and regions, including transactions with branches and correspondent banks.
The solution supports CBPR+ interaction patterns and exchange formats, parallel use of MT and MX standards, and processing of payment types across different countries and regions, including transactions with branches and correspondent banks.
Solution Advantages
MX Format Support
Support for the new MX message format.
Unified Interfaces
Orders, requests, statements, confirmations, payments and investigations.
Reconciliation and Matching
A single mechanism for settlement reconciliation and payment matching.
Simplified Data Entry
Simplified input of primary documents for international settlements.
Automated Processing
Extended automatic processing of confirmations, statement lines and payments.
Adaptability to Change
No interface or processing algorithm changes are required when connecting new payment system types.
Let’s discuss your migration to ISO 20022.
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© 2026 CSS CA LLC. All rights reserved.