ISO 20022 Migration

Preparing you for the future of payments

At a glance

ISO 20022 is transforming the global payments landscape, bringing faster, more transparent, and efficient transactions. This page outlines key information about ISO 20022, its benefits, and what to expect throughout this process.

What is ISO 20022 Migration?

ISO 20022 is a global and open messaging standard that enables financial institutions and their customers to exchange structured messages with rich financial information across multiple jurisdictions and payment networks.

Championed by SWIFT and other major market infrastructures globally, this new standard replaces older and fragmented message formats with a common language covering a wide range of transactions, including payments, securities, trade finance and FX.

How Will ISO 20022 Benefit You?

The ISO 20022 standard supports richer and better structured data, providing organisations with several benefits:

Richer Payment Data: More structured and detailed information
Enhanced Reconciliation: Standardised formatting increase machine-readability and promote automation
Greater Transparency: Richer and better structured data helps with screening and fraud detection
Seamless Integration: A universal format improves interoperability across banks and clearing systems

What to Expect During the Migration?

For SWIFT FIN clients

Cessation of core MT messages:

Starting November 2025, SWIFT will discontinue support for MT103 and MT202 message formats.
All banks and Non-Bank Financial Institutions (NBFIs) connected to the SWIFT FIN network must be capable of sending, receiving, and processing MX payment messages by this deadline.

Changes to Address Format:

From November 2025, A hybrid postal address format combining structured and unstructured elements will be introduced.
From November 2025 to November 2026, DBS will be able to support free-format, hybrid, and fully-structured postal address
From November 2026, SWIFT will discontinue support for free-format address format.
For guidance on using the hybrid address format, please refer to the Payments Market Practice Group (PMPG) guidelines.

Sending of MT101 and MT204:

SWIFT has not announced a deadline and will continue to support these message formats.

DBS Format Guide:

If you would like to obtain the latest format guide for Pacs.008 and Pacs.009 message types, please contact your DBS relationship manager.

SWIFT FIN Testing:

To support ISO 20022 readiness, SWIFT has introduced the Test Sparring Partner (TSP), a tool that enables users to exchange MX messages with a designated test BIC (Bank Identifier Code).
This allows you to simulate various MX message types and flows, including the ability to receive messages from the test BIC. Specifically, it allows you to simulate flows as a debtor, creditor, or intermediary agent for a set of pre- defined test scenarios. For more details, please visit the SWIFT Portal.
If you have any further queries, please contact your DBS relationship manager.

For Corporates, FIs and NBFIs using DBS proprietary channels

Upcoming changes are expected across all DBS banking channels, including IDEAL, RAPID, and IDEAL Connect. The impacted payment types include cross-border Telegraphic Transfer (TT) and Real-Time Gross Settlement (RTGS) payments.

Key Changes to Expect:

Introduction of new address formats

Expansion of character fields

Additional data fields

Updated file specs

IDEAL will be enhanced to support new address formats, as well as additional data fields to improve payment processing. These updates will provide greater clarity and accuracy in transaction details.

From November 2025, IDEAL users making payments will be guided through the updated user interface to review and update their name and address fields to the new format, specifically “town” and “country”.
Changes to name, address formats and mandatory fields are also planned for IDEAL File upload, IDEAL Connect, and RAPID instructions for cross-border TT and RTGS payments. Further details about these updates, including specific timelines and implementation procedures, will be shared in subsequent communications.
From November 2026, SWIFT will discontinue support for free-format address format.

Our Commitment

ISO 20022 will be implemented through a phased rollout aligned with industry timelines. DBS is committed to support our clients through this transition.