The new financial messaging standard for cross border/high value payments and reporting is here. Swift now requires financial institutions to receive MX or Multiformat payment messages. In November 2025, Swift will decommission MT and the payments industry will officially leverage a globally shared language that provides valuable enhanced data.

  • Banks and Non-Bank Financial Institutions that are connected to the Swift FINPlus platform:
    • Must be able to send, receive and process MX by November 2025
    • Currently able to receive MX or Multiformat messages from other institutions
    • Should stay informed of evolving market practices and follow industry guidance
  • Banks, Non-Bank Financial Institutions and Corporate Clients who connect to J.P. Morgan via our proprietary channels:
    • There is no immediate impact or requirement to change
    • Start determining plans for adopting the ISO 20022 standard within the next couple years
    • Evaluate benefits of enhanced data and assess how your business will take advantage
    • If you want to adopt enhanced data via J.P. Morgan, note that we will not enable enhanced data elements before November 2023, in alignment with the industry guidance
  • Corporates who connect to J.P. Morgan via SCORE or a CUG (Closed User Groups):
    • There is no immediate impact or requirement to change
    • Start considering your longer-term objectives for ISO 20022 adoption

What's New

Swift's March 2023 go-live signaled the beginning of a global shift in cross-border payments: from a message standard used for decades (MT) to the new ISO 20022 standard (MX).

However, for financial institutions (FIs) and non-bank FIs, late adoption can cause some challenges during the coexistence period, where both old and new message types are used.

  • Implementation: Mappings, translations and payment processing will only become more complex, as will testing, as the industry increases usage of MX and enhanced data.
  • Straight-Through Processing (STP): Swift Transaction Manager (TM) will gradually increase data integrity rules with new ones for bypass and aborts (being introduced in 2024 and 2025). Also, while TM is currently only in scope for pacs.008 and pacs.009, it is important to understand these and be ready to implement any required changes early.

    Additional Swift TM business validation rules and message flows will be introduced with each Swift Standard Release. Earlier adoption creates a smoother transition, so be prepared; today’s bypass rules can become tomorrow’s aborts.
  • Market Infrastructures (Mis): As MIs start to mandate Legal Entity Identifiers (LEIs), structured address/remittance and purpose codes, this information must be passed on. Late adoption could mean inefficiencies in supporting this requirement.
  • Training and Skills Gaps: Early adopters will be able to harness the benefits of structured ISO data. The learning curve will only steepen as we advance toward November 2025, and finding or developing expertise in MX message handling could become challenging.

Please contact your J.P. Morgan representative if you’d like to discuss how ISO 20022 can benefit your business—and how you should be planning for it. We're proud to be industry leaders in ISO 20022 adoption, and we’re here to support your journey.

 Financial institutions are navigating through the coexistence period for ISO 20022 en route to full industry migration in November 2025. To ensure this process goes as smoothly as possible, J.P. Morgan has released its schedule of when it will be able to receive and send specific messaging types. These dates only apply to Swift users using Swift FINPlus, not for electronic channels.

Review the charts to see when those actions will be possible. (Dates are subject to change)

View ISO 20022 schedules

Did you know that since March 2023, 15% of Swift cross border payments have been sent in the new MX format? For most of the industry, this major milestone is the culmination of many years of effort, enabling us to reap the rewards of standardized and structured payments data.

For banks and non-bank financial institutions connected to Swift, there are just 28 months left until all Swift cross border payments and reporting messages will need to be sent and received in the new ISO 20022 format.

We strongly encourage our clients to start early, plan alongside other modernization activities, and leave enough time for thorough testing.

Please contact your J.P. Morgan representative if you need more information about how ISO 20022 can benefit your business—and how you should be planning for it. We're proud to be industry leaders in ISO 20022 adoption, and we’re here to support your journey.

Discover the lessons J.P. Morgan and our clients learned during the first 120 days that ISO 20022 was live, including best practices and updated implementation strategies.