ISO 20022: Optimizing financial transactions with a global standard
SVB is supporting the transition to the new ISO 20022 messaging standard as part of our ongoing commitment to the innovation economy.
Key industry benefits of ISO 20022
- 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.
- 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.
If you use TAG with embedded payment solutions, we will help you migrate your file formats to be ISO 20022 compliant. SVB will proactively reach out with ample time to make required changes.
If you use non-embedded payment solutions, we will contact you in early 2025 to help you prepare, although required changes aren’t due until 2026.
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.
Migration Timeline and Support
Frequently asked questions
ISO 20022 is a new 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.
Prominent networks and systems are in the process of adopting or plan to adopt ISO 20022.
Learn more about migration support
By the end of 2025, 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.
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.
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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 make changes, we will contact you in advance and provide the information and support you need to ensure a smooth transition to ISO 20022.
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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