Last updated: 2 May 2022
Over the next few years, Payment Market Infrastructures across the world will start aligning to the global ISO 20022 standards. The SWIFT network used by banks globally will also start adoption of ISO standards starting November 2022. ISO 20022 will enable richer and more detailed data to be included in payments messages, along with a host of other benefits, aiming to provide a better experience for you, as an HSBCnet user.
What is ISO 20022?
ISO 20022 is a global, flexible standard that creates a common language for payments worldwide. All banks must be ready to support the new language/standard to continue processing payments and customers should also prepare for changes.
The IS0 20022 standard supports the inclusion of richer, better structured transaction data in payments messages, enabling less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
What this means for you
The SWIFT ISO adoption programme begins in November 2022, and will take place over three years; all major global payment infrastructures plan to adopt the standard. SWIFT plans to migrate all Inter-bank payments, as well as related advice and statement messages from the MT1xx, MT2xx and MT9xx series of messages, to the new XML based pain (payment initiation), pacs (payments clearing and settlement) messages, and camt (cash management) statements and advices.
Already the common language of choice for real time and low value / domestic schemes, ISO 20022 will become the de-facto standard for domestic and international high value and priority payments. The migration will provide a new model for the global exchange of payment data, with richer and higher quality information than the existing standards. This will also enable future development and innovation in the payments ecosystem.
We have created readiness handbooks to support you through the transition to ISO 20022, covering: the significant changes this will bring across the payments industry, how and why these changes will happen, and the benefits they can bring.
Readiness Handbook: Corporate Customers❯Readiness Handbook: Financial Institution (FI) Customers❯
Find out more
To learn about how HSBC is adopting the new language of payments and to access other resources, please visit our ISO 20022 website at https://www.gbm.hsbc.com/en-gb/campaigns/iso20022.
If you have further questions, please contact your local HSBCnet Support Centre or HSBC representative.