ISO20022 adoption and migration

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.


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.

Migration schedule

All financial institutions will be adopting the new format from March 2023. The old format will be abolished completely and will not be accessible in November 2025. We are preparing our systems to interface with the new format, and we will announce changes to the foreign remittance procedure.


Bank statement debit and credit advice

The layout of the current debit and credit advice screen has changed. This is to 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®.

Multi-bank statements

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.

Impact on inward remittance

There will be a period when both the new and old format can be used by banks for remittances starting in March 2023. 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, althought some data may be partially truncated. We will convert the data from the new to the old format in accordance with Swift rules so the impact will be limited.

Impact on outward remittance

The new ISO20022 standards require a structured payee address and details of payment entry fields. By November 2025, only the structured address fields will be allowed. In addition, there are other new fields that may become mandatory depending on the payment types or market infrastructure. For example, in the UK, CHAPS plan to mandate the entry of legal entity identifier and purpose of payment in certain types of transactions from 2024.

The layout of the E-Moneyger® SEPA Single Credit, bulk, and SEPA Direct Debit transfers pages will change in November 2023. We will add the expanded 'Structured Beneficiary Address' fields to SEPA credit and bulk transfers, and structured debtor address fields to SEPA Direct Debit pages, where the entries will still be optional. SMBC Group EMEA plans to implement the structured addresses to all other payment types by July 2024.

While unstructured address data will still be supported until November 2025, it is strongly recommended to start building structured address.

Account statement delivery in the new format

We will be able to start delivering customer account statements in the ISO20022 camt.053/052 format in March 2023.


We recommend that our customers start preparing for ISO20022

  • Determine whether your internal payments processing systems offer ISO20022 solutions and when will they be available. These should include those provided or managed by third-party providers such as ERP and accounting
  • Prepare for providing structured name and address information of beneficiaries
  • Review your complete chain of banking relationships to verify whether they are able to process ISO20022 transactions – switch to the newest payment initiation (pain.) version and cash management (camt.) version message format if necessary
  • Consider the likelihood of payment originators sending you ISO20022 XML payments and what additional information they may include in their payment messages


When will SMBC Group start migrating to the new format?

Adoption of ISO20022 will start in March 2023 and new features will be implemented gradually in stages until November 2025. For inward remittance, the new format will be applicable from 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.