Swift: Shifts from MT to XML format

Swift: Shifts from MT to XML format

Swift: Shifts from MT formats to XML format in the field of large-value payment transactions

  • With the objective of defining a uniform standard for the formats of, the SWIFT payment transfer is shifting to the ISO 20022 message standard
  • Prospectively, XML-based message definitions (MX messages) will replace the so far common MT message types
  • The migration in payment transactions actively promoted, due to the consistent growth of infrastructures in payment transactions
  • The standard supports formats which are considerably more flexible than existing country- and bank-specific message formats
  • It also provides significant benefits in the field of process handling and enabled improvements for processing complaints
  • The use of an end-to-end payment processing also simplifies the interoperability between cross-border payments