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.

Explore ISO 20022 in greater depth

Visit SVB’s online ISO 20022 Guide

Learn detailed insights into how ISO 20022 standards can help your business. Our online guide includes:

  • Global context of ISO 20022 standards and glossary
  • Payment transactions using ISO 20022 messages
  • Message examples of richer structured data
  • Information for users of Swift services
Go to the guide
ISO Article Image

Key industry benefits of ISO 20022

ISO 20022 can provide increased consistency and more detailed data for transactions.
Dollar Approval Exchange Outline Light 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.
Light Bulb Bright Outline Light 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.

Support for SVB banking partners

SVB supports ISO 20022 messaging for banking partners, fund administrators, and other partner entities via Swift.
For more information, visit our bank partner page

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.
Phone Cash Duotone SVB Go

Most daily use of SVB Go remains the same. However, you can now add new data fields for outgoing payments to enhance reporting and help streamline reconciliation.

For example, include enhanced remittance data about the purpose of the payment, as well as a unique ID number for end-to-end tracking of domestic and cross-border payments.
Credit Card Check Duotone Swift for Corporates

SVB supports new ISO 20022 MX message formats while continuing to support legacy MT formats where possible. For clients who need to update from MT formats, we’re providing technical specs and assistance for any required changes.

MX messages include new data fields that help improve reporting and accounting, and enable deeper insights for cash management.
File Pie Chart Duotone Transact Gateway (TAG)

Some TAG clients have already made updates to meet ISO-compliant standards. We will contact clients still using non-compliant standards to help prepare before required changes are due in late 2026.

For clients who would like to transition to ISO-formatted file types, enhanced capabilities can be leveraged including new data fields that help improve straight-through processing and reporting.
API Banking

For clients using API Banking to originate wire transfers, we will notify you of any required changes and provide support to take advantage of enriched reporting.

Domestic and cross-border wires were recently enhanced to 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.
Calendar Outline Light 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.
Handshake Outline Light 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.
2023-2025
Various worldwide migrations to the ISO 20022 standards for payments – Fedwire, Swift, CHIPS, CHAPS, etc.
November 2026
Payment initiation relay messages (MT101) discontinued in lieu of pain.001. Also, Fedwire and Swift changes to enhance party address structure and data quality.
November 2027
ISO 20022-based enhancements to investigations and exceptions Swift messaging.
November 2028
Swift MT information reporting message formats are discontinued in lieu of their ISO 20022 counterparts..

Contact information for SVB clients

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