SWIFT vs ISO 20022

Last reviewed: · Curated by Ohmyfin Organisation editorial.

A common confusion: SWIFT is a network, ISO 20022 is a message standard. SWIFT is migrating its cross-border traffic from the legacy MT messages to ISO 20022 (pacs / camt / pain).

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Details

SWIFT runs the FIN messaging service used by 11,000+ banks. ISO 20022 is a global standard maintained by the ISO TC68 committee for financial messages.

The cross-border CBPR+ migration from MT to ISO 20022 runs from March 2023 to November 2025. Other rails (Fedwire, CHAPS, T2, BOJ-NET) are also migrating to ISO 20022 in the same window.

At-a-glance comparison

SWIFT vs ISO 20022 — side-by-side comparison
 SWIFTISO 20022
What it isA network (FIN)A message standard (XML)
Maintained byS.W.I.F.T. SCISO TC68 + Registration Authority
Used by11,000+ banks via FINSWIFT, Fedwire, T2, CHAPS, BOJ-NET, SEPA, ACH
Message familiesMT103, MT202, MT940…pacs.008, pacs.009, camt.053, pain.001…
MigrationMT → MX in progressIn progress on all major rails
UETRCarried by MT messagesCarried by pacs messages

Key facts

Frequently asked questions

Is ISO 20022 only for SWIFT?

No — Fedwire, T2, CHAPS, BOJ-NET, ACH and SEPA all use it.

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