ISO 20022

D-18 days
Last check
point
Isabelle Bouille

Principal Product Manager, Treasury Services

BNY Mellon, Brussels

2 March 2023

1 Information Classification: PUBLIC

 ISO 20022

Preparing for ISO 20022

2 Information Classification: PUBLIC

ISO 20022 Market Infrastructures Initiatives: Latest Developments
Start SWIFT Transaction Manager Ramp-Up
1 3 4 7 End May 2023
SWIFT CHAPS (UK) CHATS (HK) (2) SWIFT MT Retirement End SWIFT Transaction Manager Ramp-Up
September 2023

2021 2022 2023 2024 2025 Enriched implementation

1 T2 & Euro1 (1) CHIPS (US) Start of Co-existence

6 Fedwire (US)
5
Start of CHIPS / End of co-existence
2 Fedwire/ CHAPS
coexistence solutions

All EUR payments via T2 or Euro1 are transmitted in enriched ISO20022 format (20 March 2023)
1 All banks on SWIFT may send enriched ISO20022 format on the network. (20 March 2023)
All banks on SWIFT must be able to receive enriched ISO20022 messages. (March 2023)

2
All US banks connected to CHIPS and Fedwire must upgrade to updated legacy formats and be able to receive “ISO container field” (Start March 2023)
All UK banks connected to CHAPS must apply the established Market Practice to translate enriched ISO 20022 into FIN MT CHAPS format (Start March 2023)

3 All GBP payments via CHAPS are transmitted in enriched ISO20022 format (June 19, 2023)
4 All HKD payments via CHATS are transmitted in enriched ISO20022 format (Apr. 2024)
5 All USD payments via CHIPS are transmitted in enriched ISO20022 format (Apr. 2024)

6 All USD payments via Fedwire are transmitted in enriched ISO20022 format (March 10, 2025)
(1) BNY Mellon not connected to Euro1 All banks on SWIFT are sending in enriched ISO20022 format with structured data.
(2) BNY Mellon not connected to CHATS 7
MT messages in scope will be retired. (Nov.2025)
 SWIFT Transaction Manager & Migration Support
A New Operating Model Tr a d i t i o na l M e s sa g e F l ow D e l i ve r y & Tr a n s l a t i o n

• In 2023 SWIFT will deploy a new FIN Channel

operating model strategy, leveraging a • Banks sending MT messages continue do
centralized message orchestration, so via FIN network
validation and translation platform • SWIFT automatically routes messages
operating on the FINplus network received on FIN to the Transaction
• This Transaction Manager will handle Manager (1) (expected September 2023)
the key ISO 20022 payments and FINplus & Transaction Manager
some exception messages. Future Message Flow • All MX(2) messages are transmitted on the
• The Transaction Manager approach FINplus network
intends to
Translation
o build on gpi capabilities and maintain
• Banks can opt to receive messages from the
complete, end-to-end, message data
Transaction Manager in pure MX format, or
and status information centrally
as multi-format MX if they want to receive an
o eliminate data loss due to processing MT message
and format transformation along the
• The multi-format MX includes the full ISO
payment chain by maintaining a unique
message plus a translated and potentially
Transaction Copy of the payment
truncated MT copy of the message together
centrally accessible by all agents.
with a translation report
o simplify the ISO 20022 migration for
• SWIFT’s messaging gateway solutions can
the community
extract the MT copy and route according to
o promote a frictionless payment bank-defined rules and preferences
experience through value-added
• MX messages that are not on the
services such as validation services,
Transaction Manager can be supported with
screening and fraud detection
in-flight translation solutions and delivered
on FIN. Truncation may occur.
4 Information Classification: PUBLIC (1) Traffic will be migrated gradually during a ramp-up period from May 2023 until September 2023
(2) MX = ISO20022 messages delivered via the SWIFT network.
Key dates and check list for a successful ISO 20022 Migration

20 March 2023 May 2023

November 2025
SWIFT Migration Transaction
Sunset: Cat 1, 2, 9
Manager Activation
All banks connected on SWIFT must From May 2023, enriched pacs.008 and From November 2025, all messages from
be able to receive ISO 20022 format pacs.009 (all flavors) will be processed by the Category 1, 2 and 9 will be removed from the
SWIFT Transaction Manager SWIFT Network.
All banks connected on SWIFT must (TBC: MT n99)
inform SWIFT about their preferred receipt Remaining ISO Portfolio will be exchanged
Format (FIN MT or Multi Format) on the Interact In Flow Messaging service using ISO Messages only will be exchanged on
when message are initiated on FINPlus Service FINPlus Service FIN Plus Service, the banks are no longer
allowed to exchange FIN MT messages using
Banks may continue to exchange FIN Banks may continue to exchange FIN the SWIFT Net FIN Network
MT messages using the SWIFT Net FIN MT messages using the SWIFT Net FIN
Network Network New rule for Debtor & Creditor Postal Address

• RMA (Relationship Management Application) for FIN Plus: validate and import the FINplus RMA Boostrap file

into your messaging interface

• Upgrade your live Interface (Alliance/Third Party Products)

• Configure your interface and set up your live connectivity

https://www2.swift.com/knowledgecentre/publications/iso_20022_prog_cust_adopt_guid/21.0?topic=con_1501144921.htm
BNY Mellon Portfolio

6 Information Classification: PUBLIC

 Full Message Portfolio: Future Releases
Usage Guidelines available on www.swift.com/mystandards

Planned for November 2023 Planned for November 2024

FIN MT ISO 20022 FIN MT ISO 20022

n/a (cancellation of MT210) camt.058.001.xx MT190, MT191 camt.105.001.xx, camt.106.001.xx

MT104, MT107 pain.008.001.xx, pacs.003.001.xx MTn95/MTn96 Camt.110.001.xx, camt.111.001.xx
camt.107.001.xx, camt.108.001.xx,
MT110, MT111, MT112
camt.109.001.xx
n/a (cancellation of pain.001) Camt.055.001.xx
MT204 Pacs.010.001.xx – NEW VERSION

7 Information Classification: PUBLIC

 Teal data ➔ mapped to MT format
Orange data ➔ truncated

Point of Attention: Postal Address for Debtor & Creditor

From pacs.008 • If AnyBIC is absent, then Name is mandatory

Usage Guidelines • If Postal Address is present, then Name is mandatory
Rules • If Structured Address is used, then Country and Town name must be present

MX MT

<Cdtr> :59F:/BE12345678000011112222333
<Nm> Joseph Chittenham and Christopher Englewood 1/Joseph Chittenham and Christopher
Family Clinic <Nm/> 1/Englewood Family Clinic
<PstlAdr> 2/The New King Kamehameha Boulevar+
<StrtNm>The New King Kamehameha Boulevard</StrtNm> 3/US/Honolulu, 98600, Hawaii, Kali+
Structured <BldgNb>123</BldgNb>
<BldgNm>Business District Tower 3 </BldgNm>
<Flr>25th</Flr>
<Room>5003</Room>
<PstCd>96800<PstCd>
<TwnNm>Honolulu</TwnNm>
<TwnLctnNm>Kalihi Palama<TwnLctnNm>
<CtrySubDvsn>Hawaii</CtrySubDvsn>
<Ctry>US</Ctry>
</PstlAdr>
</Cdtr>
<CdtrAcct>
<Id>
<IBAN>BE12345678000011112222333 </IBAN>
</Id>
Unstructured </CdtrAcct>

8 Information Classification: PUBLIC

 Enriched Identification Options – Importance of the UETR
Pacs.008.001.01 example

UETR(1) UETR UETR UETR Exact 36 Characters

End-to-End End-to-End End-to-End End-to-End Max 35 Characters

ID ID ID ID

Instruction ID Instruction ID Instruction ID Instruction ID Max 35 Characters

Transaction Transaction Transaction Max 35 Characters

ID ID ID

Clearing Max 35 Characters

System ID

End-to-End: once assigned in the Payment Transaction, the identification must be transported unchanged throughout the whole payment chain

Point-to-Point: each Agent in the payment chain can replace the existing reference with its own reference

9 Information Classification: PUBLIC (1)If the Corporate is not providing the UETR, it will be initiated by the Debtor Agent.
BNY Mellon – Client Format Preference from 20 March 2023 1/2

BY DEFAULT, from March 2023, all BNY Mellon clients will be set to receive FIN MT messages only.

A broadcast message (MT 199) in order to select to receive pacs.008/pacs009-COV from March 2023
has been sent w/c 13 February 2023 to all BNY Mellon clients.

From client to BNY Mellon:

• Without pre-notification client may send either FIN MT and/or ISO 20022 messages to BNY Mellon.

• From November 2025 when the FIN Cat. 1, 2 and 9 are removed from the SWIFT Network, BNY

Mellon will expect to receive ISO 20022 messages only

10 Information Classification: PUBLIC

BNY Mellon – Client Format Preference from 20 March 2023 2/2

From BNY Mellon to Client receiving the MT 103/202-Cov today

• If the Payment is initiated as a FIN MT message on the FIN Network, BNY Mellon will forward the payment as a FIN MT message

(unless expressed differently by the client → previous slide)

• If the payment is received is in ISO 20022 format, several options are possible:

❑ If the client wants to receive an ISO 20022 message (pacs.008/pacs.009-COV), BNY Mellon will forward an ISO 20022 message

❑ If the client wants to receive a FIN MT message:

❖ If the ISO 20022 has a like for like business data content with FIN MT, BNY Mellon will do the translation and

forward a FIN MT message

❖ If the ISO 20022 is enriched (thus contains more business data than the FIN MT message can carry), BNY Mellon

will send a ISO 20022 message to SWIFT and the client will receive a Multi Format message (i.e. ISO 20022 message

with an embedded, truncated FIN MT message and Translation Report).

11 Information Classification: PUBLIC

BNY Mellon as your ISO 2002 Partner

My Standards BNY Mellon Landing But also:

BNY Mellon Domain Page
(Guides and Sample Testing) Link to BNY Mellon Landing Page
Iso20022migration@bnymellon.com
link to swift.com/mystandards

And more …
12 Information Classification: PUBLIC
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13 Information Classification: PUBLIC