ISO 20022 is the new global standard for electronic payments messaging. It uses XML (eXtensible Mark-up Language) to create a common and structured way for financial institutions worldwide to exchange payment information.
Many international payments, including those within the European Union, already use this standard. Over time, ISO 20022 will be adopted by all Payment Service Providers (PSPs) globally.
This evolution enables richer, more structured data to accompany each transaction improving transparency, efficiency and innovation across the payments ecosystem.
As part of this global transition, legacy SWIFT MT payment messages (such as MT103 and MT202) will gradually be phased out. The coexistence period with legacy formats ended in November 2025, after which new ISO 20022 formats will become the norm.
The move to ISO 20022 is more than a technical upgrade. It brings meaningful benefits to financial institutions, businesses and individuals.
ISO 20022 allows more detailed and structured information to be included in each payment message. This supports:
For customers, this translates into more accurate, reliable and efficient payments.
One important change concerns how postal addresses are captured within payment messages.
ISO 20022 supports structured address formats. This means certain fields such as town name and country will become mandatory to enhance screening and compliance processes.
From November 2025:
Customers initiating international payments may therefore need to provide more detailed beneficiary address information to ensure smooth processing.
As ISO 20022 becomes the global standard, customers may notice updated terminology, enhanced structure and additional data fields in certain payment types particularly for international transfers. For a detailed comparison between legacy MT formats (e.g. MT103) and the new ISO 20022 messages (e.g. pacs.008), please refer to the downloadable guide below.
Download the detailed comparison guide – PDF
We will continue to support you throughout this transition to ensure minimal disruption to your payment activities.
MCB has been progressively preparing for this transition in line with global SWIFT timelines. Our systems are being enhanced to ensure continued compliance, efficiency and reliability in domestic and cross-border payments.
Should you require assistance or further clarification, please contact your Relationship Manager or our Customer Service team.
ISO 20022 in bytes for payments: Focus on instruction messages for November 2025 | SWIFT
