CLOSE
CLOSE
The Society for Worldwide Interbank Financial Telecommunication (Swift) has announced a new global standard for financial messaging for all commercial and treasury payments and balance and transaction reporting, known as ISO20022.
The adoption of ISO20022 is planned for local remittances in certain countries and regions and will take effect between March 2023 and November 2025*.
SMBC Group will provide its customers with specifications for the new format as part of its ISO20022 migration strategy. The schedule and new format are being determined by the approach taken by payment scheme operators and regulators in each relevant region and country.
*Please note Swift has extended the November 2025 deadline to November 2026 for some functions.
In light with the recent strengthening of anti-money laundering regulations, the new ISO20022 format will require a more detailed entry of address components. Additionally, the expansion of fields will allow for more detailed recording of remittance related information, which is expected to potentially contribute to the efficiency of reconciliation processes.
Enriched data can strengthen Fraud and AML detection
Structured information helps identify key data for automated reconciliation
Smoother integration with most ERP or TMS systems with the support of latest CGI-compliant ISO20022 format
Improved level of transparency of transactions due to presentation of structured information
The new format will comply with ISO20022 as designated by the International Organisation for Standardisation. Its adoption is being promoted globally and will include more enriched transaction information than the current format. There are an increased number of data fields, and it is necessary to provide more details of sender and beneficiary addresses such as building name, street name, town name, state, and country name. The introduction of new data components will provide more transparency and strengthen operational efficiency. For example, in funds transfer remittances the new format will allow for enhanced transaction information, such as invoice details, to be added which will assist in faster and smoother reconciliation.
The adaptation of the new format in all financial institutions started in March 2023. The old format will be abolished completely and will not be accessible in November 2026. Please see below to find the timing of implementation in each service.
The ISO20022 migration for SEPA transactions was implemented in March 2024, and in March 2025 further changes to other payment types were implemented.
Swift has introduced a new “Hybrid Address” concept, which is a combination of the current address lines and the new “Structured” address fields. “Hybrid Address” will be available from November 2025.
The layout of the current debit and credit advice screens now reflect some of the new fields in preparation for the full ISO20022 format when migration completes in the next few years. You may notice some blank fields that will gradually populate with data as the migration progresses. In addition, you can download your account statements in the new camt.053 format from E-Moneyger®.
ISO20022 offers more granular details on transaction types. For example the “Transaction Code” column on your Bank Statement contains a set of codes that can be used to improve data analytics or reconciliation.
SMBC can now receive and display your account statements sent by other banks in the ISO20022 camt.053/052 format in our E-Moneyger® online banking platform. The existing MT940/942 format is still accepted.
If you are receiving 3rd party banks statements in E-Moneyger®, please consult with them and advise SMBC if they plan to migrate to ISO20022 statements, as we may need to reset the application depending on how the messages are formatted by each bank.
Both the new and old formats can be used by banks in remittances between March 2023 and November 2025. When inward remittances arrive in the new format, SMBC Group will process such instruction and deposit funds to customer accounts in the same way as today. During the co-existence of the new and old formats, if the sender inputs data that exceeds the word limit of the old format, it will automatically convert to the new one, although some data may be partially truncated. Unstructured Address to Hybrid/Structured Address fields, it is highly recommended that you start to review your payee data, and utilise these new features to update your Payee Templates to use either fully structured or hybrid address fields as the current “Unstructured” addresses will be discontinued from November 2026
The new ISO20022 standards require a structured payee address and details of payment entry fields. In addition, there are other new fields that may become mandatory depending on the payment types or market infrastructure. For example, in the UK, the Bank of England plans to mandate the entry of legal entity identifier ("LEI") and purpose of payment in certain types of transactions from 2025 in CHAPS payments.
Hybrid (Semi-Structured) Address
SMBC Group in EMEA will implement the support for Beneficiary “Hybrid Address” in November 2025.
The hybrid address allows simultaneous usage of structured and unstructured elements, with a minimum of structured Town Name and Country.
The hybrid address is a good industry compromise that limits the effort for implementation, whilst ensuring the original goal of increased data quality in the more structured and data-rich ISO 20022 payment standard.
In line with the ISO20022 changes, E-Moneyger® supports the Wire Transfer file upload of ISO20022 pain.001.001.09 format for SEPA and Swift Transfers. The existing CSV file upload feature has been enhanced to include new ISO fields, such as:
E-Moneyger® now supports the full export and import of Wire Transfer Payee Templates. For ISO20022 data maintenance, especially for the migration from Unstructured Address to Hybrid/Structured Address fields, it is highly recommended that you start to review your payee data, and utilise these new features to update your Payee Templates to use either fully structured or hybrid address fields as the current “Unstructured” addresses will be discontinued from November 2026.
We are now able to deliver customer account statements in the ISO20022 camt.053/052 format with more enriched data information than the old MT940/942 formats.
Further Information
For further details on E-Moneyger® changes, please refer to:
We recommend that our customers start preparing for ISO20022
Adoption of ISO20022 started in March 2023 and new features will be implemented gradually in stages until November 2026. For inward remittance, the new format has been applicable since March 2023. For outward remittance, the migration timing will vary depending on the country. We will announce further information in a timely manner.
Are there any changes to the remittance fees?
There are no changes to the remittance fees as a result of the ISO20022 migration.
Besides SMBC Group, will other financial institution adopt ISO20022?
All financial institutions will migrate to the new format as ISO20022 is the common standardised format for Swift network users. The timing of migration may differ between other financial institutions.
What are the new ISO20022 file formats that E-Moneyger® will start to support?
E-Moneyger® now supports the following file upload formats:
Will the changes affect our payment files sent via Swift SCORE or Host-to-Host services?
For further details on Host-to-Host changes, please refer to: