SVB Go and ISO 20022: More efficient payments, richer reporting and more

SVB is transitioning to the new ISO 20022 messaging standard, enabling faster payments and enhanced reporting through SVB Go.
SVB Go ISO 20022 V 2

Key benefits of ISO 20022 for SVB Go

ISO 20022 standardizes data formatting and messaging for payments to enable more opportunities to:
Increase payments efficiency
  • You could benefit from faster payments as SVB Go transactions will be formatted in the new standard for ISO 20022
  • Standardization increases efficiency by eliminating the variances in messaging between banks so they can process payments more easily and with more detailed data
  • Gain deeper insights with new data fields included in outgoing payments (e.g., purpose of payment and creditor) and receive more data about incoming payments
  • Enhance remittance for outgoing payments including richer data supported by ISO 20022
Improve end-to-end tracking

Track domestic payments across their full lifecycle, starting in the second quarter of 2025, including:

  • Add your unique reference number in the end-to-end ID field that will be in the payment from start to finish
  • You can give the ID to SVB and also provide it to the recipient, so they can easily find this information in a designated place within the message
  • Available for cross-border payments in early 2026
Enrich reporting
  • Help streamline reconciliation with additional data when you send and receive payments
  • Access more detailed remittance information for clients to obtain, including purpose payment, ultimate creditor
  • Save time and costs with richer data in reporting and payment tracking and tracing
Simplify tax payments by wire
  • You will no longer need to format wire tax payments yourself, starting in March 2025
  • Simply provide your details to SVB and we will format the wire transfer for you

Learn more about SVB's migration to ISO 20022

Learn more

 

All non-SVB named companies listed throughout this document are independent third parties and are not affiliated with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company.