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SWIFT for Corporates and ISO 20022: Enhanced insights with richer data
SVB is transitioning to the new ISO 20022 global messaging standard, enabling more efficient payments and data-rich reporting through SWIFT.
Key benefits of ISO 20022 for SWIFT for Corporates
For our corporate clients and other partner entities, SWIFT for Corporates helps improve treasury management with secure, direct integration with SVB. As we migrate to ISO 20022, SVB will leverage the new standard to improve payments and reporting.
Enhanced reconciliation
ISO 20022 introduces new message types that will include new data fields such as end-to-end ID (with more added over time) that improve reconciliation for receivables and payables.
Deeper insights
SWIFT for Corporates will provide additional data for more detailed accounting if your internal systems can support ISO 20022. You will have access to enhanced reporting with richer data from many of the new ISO 20022 message types.
Migrating SWIFT to ISO 20022
What SWIFT members need to know
Initiating payments
You can initiate payments in the following formats:
- New pain.001 message type that complies with ISO 20022 standards and will include richer fields over time. We will help you with the transition for using pain.001 as some changes may be required.
- Current SWIFT payment message type (MT101).
If you're not required by SWIFT to use the new pain.001 message type, MT101 messages will continue to be supported to allow you to initiate payments.
Richer payment initiation
- New for ISO 20022: You will be able to use the new SWIFT message types for reporting (camt message set), which provides richer data.
- Current reporting file types: We will also continue to support the current SWIFT reporting message types MT900/910/940 for SWIFT for Corporates.
If you use another partner's third-party service (e.g., fund administrator) to connect to SWIFT, you may experience some changes. Please work with that partner directly to understand if any changes will occur.
SWIFT ISO 20022 migration for SVB banking partners
SVB will support ISO 20022 messaging for banking partners, including fund administrators, via SWIFT. By November 2025, SWIFT will require usage of the new payment initiation message format (pain.001) and will no longer accept the legacy format.
For more information, contact an SVB Solutions Advisor.