MX/ISO 20022 – new cross-border payment standard

General information


MX is a newer SWIFT message standard using an XML format based on ISO 20022.


SWIFT and the main central banks around the world decided to migrate all interbank cross-border payments and RTGS (Real Time Gross Settlement, i.e. Target 2) payments from the traditional MT standard to ISO 20022 XML (including statements).


The current payment infrastructure has become a burden on the rapidly developing payments market. To remove the existing limitations and pursue the vision of faster, less expensive and more transparent payments, industry workgroups undertook to harmonise global payments in line with ISO 20022.


The migration will cover MT1xxx, MT2xxx and MT9xxx* series messages and statements.


Banks are obliged to align their systems with the new payment message formats by November 2025.


Benefits of implementing ISO 20022:


  • a uniform global data standard for cross-border payments and local payment systems enabling faster settlement of payments in various payment infrastructures,
  • standardisation of information:

- structured payment data,

- wider scope of data, more details and new elements as compared to the existing formats,

  • increased effectiveness of payment processing,
  • automation of reconciliation processes thanks to using reference fields that remain the same at every stage of the payment process,
  • standardised codes and dedicated messages which reduce the risk of delays in returning funds to clients.


Schedule of aligning systems with ISO 20022


1) 20 March 2023:


  • TARGET moves to the new MX format

The new platform will be implemented using the big bang approach, which means that all financial institutions participating in the platform will migrate simultaneously.

  • launch of the migration process in Correspondent Banking as part of SWIFT’s initiative Cross Border Payments and Reporting (CBPR+).

Every financial institution can migrate at the most convenient time and under any model it deems fit.


2) March 2023 – November 2025:


  • three-year transition period – both MT and MX will be used simultaneously in Correspondent Banking;

in this period, every financial institution:

  • must learn how to receive payment messages in the MX format,
  • can send payment and information messages in the MT or MX format.


mBank will send messages in the MT format until the end of 2025.


3) November 2025 – MX is the only allowed format (messages are sent and received only in the MX format)




The SWIFT network is also used to execute SORBNET (RTGS) payments – H1 2025 has been confirmed as the date of transition to the MX format.


The format for Elixir payments (ACH) remains unchanged for the time being.

How does the implementation of the new ISO 20022 payment format affect mBank clients?


  • The implementation of the new format in March 2023 did not change the way you communicate with the bank.
  • The current standard, templates and files for importing FX transactions will be available in an unchanged form.
  • We will not issue confirmations for executed foreign payments in the form of MT103 messages.
  • Currently used confirmations will be supplemented with a unique payment ID UETR (Unique End-to-end Transaction Reference),which allows you to track your payments along the entire payment chain.
  • In the transition period, any MX messages we receive will be handled upon conversion to the MT format. Since in MX messages the scope of data and the field size is much larger, some data may be cut off after conversion to MT.
  • We are working on the implementation of the ISO 20022 format.

We will inform you in advance about any planned changes in transaction templates or a new file format.


You can find more information about the migration programme on the website of the SWIFT ISO 20022 programme.


*Currently used SWIFT MT formats and their MX ISO 20022 equivalents


MT format

MX format




FI to FI Customer Credit Transfer



Financial Institution Credit Transfer

MT103 /RET


Payment Return



Bank to Customer Account Report



Bank to Customer Statement



Interbank Payment Instruction