SWIFT migration to ISO 20022: Cross-border payments and bank statements in line with the new standard

SWIFT plans to discontinue the use of the MT standard for statements and reports in MT94X format and for payment requests in MT101 format in November 2025, replacing it with camt.053/camt.052 for statements and reports and pain.001m for payment requests. SWIFT will continue to support the MT standard until November 2025, after which it will be replaced by ISO 20022 and the new camt.053/camt.052/pain.001 formats will become mandatory for all SWIFT members.

Luminor has started sending and receiving ISO 20022 messages for Target2 payments as of 20 March 2023 and is gradually migrating outgoing cross-border payments to ISO 20022, as well as being able to process incoming cross-border payments received in SWIFT ISO 20022.  In 2024, Luminor plans to implement ISO 20022 for corporate customers' SWIFT statements/reports and payment requests.

"The adoption of ISO 20022 can bring a number of changes and benefits to financial communications," says Irina Koluškina, Senior Product Manager for SWIFT and Reconciliation at Luminor, "ISO 20022 messages, including camt.053/camt.052, provide more structured and detailed information. This can improve data quality and enables automated processing of statements in customers' IT systems. In addition, it allows the inclusion of additional transaction-related information, such as the purpose of the money transfer or the addresses of counterparties, in a structured way that was not adequately supported by the old SWIFT formats."

Find out more about the changes in our FAQ.

If you have any questions, please contact us at CashManagement@luminor.lv