ISO 20022 Migration Support | DBS Corporate

ISO 20022 Migration

A standardised language across payments

ISO 20022 Migration

A standardised language across 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?

Championed by SWIFT and other major market infrastructures globally, 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.

This new standard for cross-border payments will take effect by November 2026, and replaces older and fragmented message formats with a common language covering a wide range of transactions, including payments, securities, trade finance and FX.

After November 2026, SWIFT will no longer support free-format unstructured address fields. Transactions and payment messages with missing or incorrect field inputs may be rejected. To ensure uninterrupted payment processing, both banks and customers need to prepare for these changes.

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

Further details on changes to DBS IDEAL can be found here.

For users of IDEAL File upload, details on the changes and how to download the new file specifications can be found here.

For users of RAPID and IDEAL Connect, refer to updates, including specific timelines and implementation processes, here.

Changes on DBS IDEAL

IDEAL will be enhanced to support new address formats and additional data fields to improve payment processing. IDEAL users will be guided by prompts post-login in the IDEAL Web and Mobile app to review and update the changes detailed below.

Key changes to expect on DBS IDEAL

Introduction of new address formats with mandatory fields

You can provide a simple address format or detailed address format for the "Address” field.
- Mandatory fields for simple address format are: “Address Line 1” + “Town/City” + “Location”
- Mandatory fields for detailed address format are: “Street Name” + “Town/City” + “Location”

Expansion of character fields

You can provide up to 140 characters for “Payee Name” field (applies to existing and new payees)

Mandatory field for Beneficiary Bank (only required if BIC is not provided)

You can provide up to 140 characters for “Beneficiary Bank Name” field
“Town/City” is a mandatory field for Beneficiary’s Bank Details

Mandatory “Receiving Party Purpose Code” data field

To meet country-specific banking requirements, the "Receiving Party Purpose Code" will become a mandatory field for transactions involving specific currencies or destination countries.

	What your organisation needs to do before November 2026
	Update payee details with mandatory fields from April 2026 Avoid payment disruption by updating the payee details with the mandatory fields We strongly encourage you to prepare and update the necessary information as soon as possible to ensure minimal disruptions to your payment requests.

Useful Links

Manage Payees / Beneficiaries

Changes to IDEAL File upload

Key changes on UFF File Upload

Introduction of new address formats with mandatory fields

You can provide a simple address format or detailed address format for the "Address” field.
- Mandatory fields for simple address format are: “Address Line 1” + “Town/City” + “Location”
- Mandatory fields for detailed address format are: “Street Name” + “Town/City” + “Location”

Expansion of character fields

You can provide up to 140 characters for “Receiving Party/Creditor” field (applies to existing and new payees)

Mandatory field for Beneficiary Bank (only required if BIC is not provided)

You can provide up to 140 characters for “Beneficiary Bank Name” field
“Town/City” is a mandatory field for Beneficiary’s Bank Details

Mandatory “Receiving Party Purpose Code” data field

To meet country-specific banking requirements, the "Receiving Party Purpose Code" will become a mandatory field for transactions involving specific currencies or destination countries.

What your organisation needs to do before November 2026

Update latest UFF file specifications in IDEAL from April 2026

Download the latest UFF file specifications V2.1 from IDEAL Resource Center.
Update your payment instructions based on the latest UFF file specifications.
Perform self-testing to validate the changes.

Perform self-testing in IDEAL from April 2026

After selecting the file to upload, you have the option to check the box "Test file". This option will allow you to self-test and confirm if the uploaded file meets our file validation checks and will be accepted.

For a step-by-step guide on how to perform self-testing, please refer to Using File Upload

We strongly encourage you to prepare and update the necessary information as soon as possible to ensure minimal disruptions to your payment requests.

Useful Links

Using File Upload

Changes on RAPID and IDEAL Connect

SWIFT will no longer support unstructured address fields from November 2026. To ensure uninterrupted payment processing, both banks and customers need to prepare for these changes.

Key changes on RAPID and IDEAL Connect

Introduction of new address formats with mandatory fields

You can provide a simple address format or detailed address format for the "Address” field.
- Mandatory fields for simple address format are: “Address Line 1” + “Town/City” + “Country”
- Mandatory fields for detailed address format are: “Street Name” + “Town/City” + “Country”

Expansion of character fields

You can provide up to 140 characters for “Payee Name (Beneficiary Name)” field

Mandatory field for Beneficiary Bank (only required if BIC is not provided)

You can provide up to 140 characters for “Beneficiary Bank Name” field
“Town/City” + “Country” are mandatory fields for Beneficiary’s Bank Details

Mandatory “Receiving Party Purpose Code” data field

To meet country-specific banking requirements, the "Receiving Party Purpose Code" will become a mandatory field for transactions involving specific currencies or destination countries.

What your organisation needs to do before November 2026

	Attend an information session in Mar 2026 for Singapore-based clients (Recommended)
	These sessions will provide information on testing support and go-live coordination to support your transition. The session will cover: Recap of ISO 20022: New data requirements and updated file specifications Preparation required on the client's end UAT testing support available with DBS Recommended client go-live coordination with DBS Limited sessions available. Register now.

	Download the latest RAPID / IDEAL Connect File Specifications and User Guide
	Download your respective file specs and the accompanying User Guide “SG ISO 20022 User Guide for H2H (ISO, UFF) and API.pdf” from the IDEAL Resource Center. Alternatively, please email DBS BusinessCare to receive the latest file specifications.

Complete a production verification self-test from April 2026

Update your payment instructions on your organisation’s system based on your respective file specifications and User Guide.
Notify DBS once your system is ready. Please email DBS BusinessCare to enable the new configuration
After DBS confirms that your new configuration is active, please initiate a live low-value, non-urgent payment instruction to DBS. Note that this payment is not reversible.
For successful transactions, you will receive a successful acknowledgment response on RAPID / IDEAL Connect. You will also see the corresponding debit reflected on your bank statement.

If you are unable to perform production self-testing, please reach out to DBS BusinessCare to arrange testing support.

We strongly encourage you to prepare and update the necessary information as soon as possible to ensure minimal disruptions to your payment requests.

Our Commitment

We are committed to support you through this transition and will start implementing changes from April 2026.

During the transition period up until November 2026, DBS will continue to accept existing payment instructions and file formats to allow your organisation sufficient time to make the necessary changes to your payment instructions and file specifications. From November 2026, SWIFT will discontinue support for free-format unstructured address formats.

FAQ

General

What is CBPR+?

CBPR+ is the Cross-Border Payments & Reporting Group that defines how ISO 20022 will be used in Financial Institution to Financial Institution payments and reporting. CBPR+ comprises many peer bank groups across countries around the world. CBPR+ guidelines are based on feedback received through these country working groups and brought together by the global working group. The guidelines are meant to ensure standardisation across all MX messages.

	Which DBS products and channels are affected by these changes?
	The changes affect clients using DBS proprietary channels (IDEAL, Connect, RAPID to send and receive payments and reports, as well as banks and non-bank financial institutions leveraging SWIFT. Specifically, products like Telegraphic Transfer (TT), MEPS Payment, and Account Transfer (ACT) across various countries (SG, HK, AU, CN, ID, IN, TW, VN) are covered.

	Can I go-live after November 2026?
	Payment instructions that do not adhere to the ISO 20022 standard may be delayed or rejected. The existing unstructured Address format will also no longer be supported after this date.

Testing and Readiness

	Is Corporate Swift FIN MT101 part of the migration?
	Corporate Swift FIN MT101 can still be supported by Swift. However it should contain the full receiving party name and address should include at least with town/city and country.

	Will I be able to conduct system testing with DBS prior to go-live?
	Yes, DBS will avail a system testing facility to simulate responses from the payment data. The testing facility will only be available from April 2026. Please keep your testing window to within 2 weeks so that we can allocate resources to support you closely. Kindly reach out to DBS BusinessCare on your UAT and Go-live dates, as well as with the ORGIDs and products that you wish to test.

	Do I have to conduct a live-test in Production?
	Yes, it is strongly recommended that you effect a few actual payments when you go-live and to check that your beneficiary receives the fund. This is to ensure that all the required data and formats are in order and setup correctly within yours and DBS’ systems.