SWIFT migration to ISO 20022: Cross-border payments and bank statements in line with the new standard

Please be informed that SWIFT started the global migration to a new messaging language and is replacing the current MT standard with ISO 20022. The change affects companies that receive or send account statements or reports using SWIFT services.

Starting November 2025, SWIFT plans to discontinue the MT standard. As of this date, MT94X format will no longer be used to send and receive statement/report messages and will be replaced with camt.053/camt.052 format, while MT101 format will no longer be used to send payment initiation messages and will be replaced with pain.001 format. The new format will become mandatory for all SWIFT members.

“The adoption of ISO 20022 will bring a number of changes and benefits to the financial sector. ISO 20022 messages, including camt.053/camt.052, will provide more structured and detailed information. This will improve data quality and enable automated processing of statements in customers' IT systems. It will also allow to include the additional transaction-related information, such as the purpose of the money transfer or the addresses of the counterparties, in a structured way that was not adequately supported by the old SWIFT format”,- says Irina Koluškina, Senior Product Manager for SWIFT and Reconciliation at Luminor.

For more information about changes, please check FAQs.

If you have any questions, please email us at cmlt@luminorgroup.com.