Your ISO 20022 migration guide
As we adopt the ISO 20022 standard, here’s everything you need to know about what’s changing across our digital banking channels.
The new language of payments is here
Already the common language of choice for real time and low value / domestic schemes, ISO 20022 will become the de-facto standard for domestic and international high value and priority payments. The migration will provide a new model for the global exchange of payment data, with richer and higher quality information than the existing standards. This will also enable future development and innovation in the payment ecosystem.
The Swift payment network used by banks globally adopted ISO 20022 standards in March 2023 for cross-border payments and reporting (CBPR+). All major global payment infrastructures also plan to adopt the standard by November 2025.
Swift plans to migrate all inter-bank payments to the new standard, as well as advice and statement messages. The MT1xx, MT2xx and MT9xx series of messages will be replaced by the new XML based pain (payment initiation), pacs (payments clearing and settlement) messages, and camt (cash management) statements and advices.
Our commitment to you
HSBC has been a strong advocate for XML and a key driver in the evolution of the ISO 20022 XML standard. We are committed to using the experience we have gained to help you prepare for migration to ISO 20022.
As we gather more details about local market adoption plans and specifications, we’ll update this site to help make sure you know how these changes will impact your online banking with us.
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