Information about ISO 20022:

Standardization and rich data for payments and beyond

ISO 20022 is the de facto XML-based global standard for messaging and delivers consistent and complete information for all types of financial transactions enabling greater speed, efficiency and data-rich reporting.
 
The worldwide payment industry has largely adopted the ISO 20022 standards and SVB is helping clients through each step.

Support for SVB banking partners

SVB will support ISO 20022 messaging for banking partners, fund administrators and other partner entities via Swift.
More information for SVB banking partners

Key industry benefits of ISO 20022

ISO 20022 can provide increased consistency and more detailed data for transactions.
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Faster payments
  • Help improve cash flow and vendor relationships with straight-through processing (STP).
  • Gain more accurate visibility into liquidity for managing growth.
  • Rapidly identify sanctioned transactions to improve compliance.
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Data-rich insights
  • Leverage enhanced data to automate compliance reporting, know-your-customer (KYC) protocols and fraud detection.
  • Capture insights to better understand your customers and help improve CRM, segment marketing and more.
  • Improve decisions for spend management and forecasting.

What ISO 20022 means for SVB clients

You can continue to access the SVB payment channels you use today, and may experience some changes as we migrate to ISO 20022. If you use any or all of the services below, we’ll provide support to help you get the most benefit from the new industry global data standard for financial transactions and reporting.
SVB Go
Most daily use of SVB Go remains the same. However, clients can now add new data fields to help streamline reconciliation and enhance reporting, including an end-to-end ID to improve tracking of payments. Learn more
Swift for Corporates
SVB supports new MX message formats while continuing to support legacy MT formats. For clients who need to update from MT formats, we’re providing technical specs and providing support for any required changes. Learn more
Transact Gateway (TAG)
Some TAG clients have already made updates to meet ISO compliant formats. We will contact clients still using non-compliant formats to help prepare before required changes are due in late 2026. Learn more
API Banking

If you use API Banking to originate wire transfers, we will notify you of any required changes and help ensure you will be able to take advantage of enriched reporting.

In 2025, Fedwire® and domestic wires will be enhanced to enable you to seamlessly add new data fields, including: Purpose Code, Related Remittance, Ultimate Debtor (for OBO) and end-to-end ID.

 Learn more

Ensuring a smooth transition to ISO 20022

Migration Timeline and Support

We’ll work closely with you and share more details in advance of any changes.
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Multi-year effort
Since March 2023, SVB has been supporting both ISO 20022 MX (XML-based) and legacy message formats. We are continuing to implement changes as the financial industry fully migrates to the new standard.
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Dedicated client support
SVB specialists who know your business will support every stage of your transition. You will receive timely communications to keep you informed, help you prepare for changes and understand what you need to do.
March 2023
SVB began supporting ISO 20022 for cross-border payments.
April 2024
CHIPS wire transfers migrated to ISO 20022.
July 2025
Fedwire wire transfers were migrated to ISO 20022.
Learn more
November 2025
Key Swift MT payment message formats are discontinued in lieu of their ISO 20022 counterparts.
Learn more

Explore ISO 20022 in greater depth

Visit SVB’s online ISO 20022 Guide

We have created an online client guide that includes further insights into how the ISO 20022 messaging standards can help your business and includes a separate section for entities using Swift services.

  • Background and global context of the new standards

  • Glossary of terms

  • Payment transactions using ISO 20022 messages

  • Message examples of richer structured data

  • Information for users of Swift services
Go to the guide
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Contact information for SVB clients

Current SVB clients and partners, please contact your Relationship Manager or your SVB Support Team.

ISO 20022 FAQs

What is ISO 20022?

ISO 20022 is a global standard of financial messaging to deliver more consistent and complete information for all types of financial transactions enabling greater speed, efficiency, and data-rich reporting.

Some networks around the world have already adopted ISO 20022 and others are in the process of doing so.

Learn more about migration support

Which financial transactions will be using the ISO 20022 standard?

The majority of payment methods around the world will be using ISO 20022. Payment types will include domestic wires via Fedwire, cross-border payments (FX and same currency payments), Real-Time Payments (RTP®), FedNow®, CHIPS, SEPA, CHAPS and more.

How will ISO 20022 benefit my company?

By standardizing the message format for all financial transactions and including more complete data, ISO 20022 enables many benefits. Payments can process faster, leverage more automation for increased efficiency and accuracy, and you can use data-rich insights to help improve business decisions.

Learn more

How will I know if my organization will be affected by ISO 20022 migration?

Depending on your payment use cases, you may need to update your processes. For example, if you use our TAG platform with an embedded payments solution, you will need to implement changes to be ISO 20022 compliant.

If you will be affected and need to update your payment processes, we will contact you in advance and provide support to help you successfully migrate to ISO 20022.

Learn more

What do we need to do to prepare for ISO 20022?

If you will be affected and need to update your processes, we will contact you in advance and provide the information and support you need to successfully migrate to ISO 20022.

Learn more

How will the Wires API change for ISO 20022?

Read the latest about how ISO 20022 affects SVB API Banking here.